5 Ways to Save Money Through Spring Cleaning Your Insurance
Spring cleaning is about more than just washing the windows and cleaning that extra layer of winter grime from the carpet. The same approach can be applied to your insurance policies. Here are some ideas to think about when dusting off and refining your policies with your insurance agent.
Check car insurance premiums and deductibles
Your car insurance policy can always transform to match your current phase in life. Younger drivers tend to pursue lower deductibles, however, once a driver begins earning more income, the idea of setting a higher deductible within their policy in exchange for lower monthly premiums is a decision to consider. “If it’s not a hardship to come up with the deductible, then a person could consider switching to a higher deductible/lower monthly premium option,” says State Farm Agent Pam Hansen Alfred.
Review homeowners insurance policies annually
Upgrades and modifications to your home can mean your existing homeowners policy is inadequate. Changes that influence homeowners insurance include remodels, security system installations, and the addition/subtraction of members of your household. Likewise, childbirth, college students leaving the nest, and older relatives moving in for comfort and care are all qualifying changes. Alfred recommends evaluating these policies annually.
Taking all possible factors into account, homeowners can either see increases or decreases to their monthly premiums, but their main concern should be adequate limits for property value. Of their existing coverage, Alfred challenges homeowners to ask themselves, “Is the replacement value in place equal to the amount I need? Can I rebuild the home, and is my personal property covered at a good amount?”
Homeowners and renters should take stock of their property
Homeowners and renters insurance coverages are in part determined by the value of the personal property that policy holders are looking to protect. “Homeowners and renters should be aware of their personal property’s value,” says Alfred.
The best strategy for assessing the monetary value of property is to create a home inventory list. Not only does completing the list provide an accurate basis for property value but is also a helpful tool should an insurance claim be filed. Inventory list categories range from furniture to elecronics to clothing. Anything with a serial number should also be documented.
Life insurance is a fluid piece of the puzzle
New jobs, marriages, childbirth, home purchases, and more are life events that can make life insurance an important benefit for protecting your family and dependents. Alfred explains that it is essential for policy holders to prioritize their biggest asset: themselves. “Whether it’s to cover a paycheck if sick or injured and can’t work, or if you’re taken out of the picture forever, life insurance is there to take care of families.”
Life insurance is applicable from the beginning stages of life through retirement. Reviewing your policy when needed ensures yours and your loved ones’ peace of mind.
Save money on your insurance
Companies often offer discounted packages and rates. Reviewing your insurance needs annually keeps you up to date on these savings and helps you lock in coverage relevant to your needs. These discounts may include multi-car, multi-line, safe driving discounts, and more.
For further assistance on your insurance needs, reach out to Pam Hansen Alfred and her team at (406) 453-6010, stop by their offices at 2817 10th Ave. So., or visit www.pamhansenalfred.com.
2817 10th Ave S
Great Falls, MT
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