Inside Insurance: Tips to save money on homeowners insurance

The first thing we usually say is raise your deductible because the more risk one shares with the insurer, the less the cost of coverage. However, there are many other ways to work with your insurer to decrease your risk and save money.

One of the most effective is to not only have a functioning burglar alarm system but to make sure the system includes smoke detectors to quickly detect fires. Just adding smoke detectors in your home can qualify for a 5 percent discount or more.

A good alarm system can save lives and most likely qualifies your home for a discount from your homeowners’ insurer. If you can spend money to save money, more sophisticated systems including fire sprinklers can bring a 15 to 20 percent discount, but before buying high-end systems, check with your insurer to know exactly what discounts would apply and how much can be saved.

Another possible discount to reduce your annual cost is to stay with your insurer for at least three to five years. Additionally, if you have multiple policies with the same insurer like auto and homeowners, life or umbrella liability you could save between five and 15 percent.

Here’s one that is becoming more important as the population ages. Those who retire or are close to retirement age can enjoy yet another benefit. For retired homeowners 55 or older, check with your insurance agent about a discount of up to 10 percent from some insurers.

A major step to obtaining the lowest cost of homeowners insurance is to talk with your agent or company and make sure that you are receiving as many discounts as your insurer has to offer.

That is one reason why homeowners are encouraged to talk with their agent or company annually or at least every two years. Keep in mind it is the homeowner’s responsibility to keep up with the various coverages, available discounts and options. This is the heart of being an informed consumer.

Here are few reasons why:

• Review your coverage to make sure your coverage is adequate. Keep in mind that damage to your home typically requires demolition and then reconstruction. You are not insuring your land, but the home that is on your land. Building costs are key rather than so-called market value.

• Make sure to have an accurate home inventory so you can account for the cost of your personal property. We buy items and often sell some of our belongings at garage sales. Only insure those items that you own. This is another good reason to keep in contact with your agent or insurer.

• Make sure you have adequate liability coverage should someone become injured on your property, or a pet bites someone. See the free “Home Inventory” link at www.giis.org.

• In hurricane-prone areas, you may receive additional discounts for wind resistant windows or retrofitting projects to help your home withstand high winds. Check with your insurer to find out what improvement projects qualify for discounts.

The more you know about your homeowners insurance, and what it does and does not cover, the better off you are and you can save money in the process.

10 Ways To Save On Automobile Insurance

1. Increase your deductible. For many people, raising the deductible on their auto insurance is a good way to cut the cost of the policy. Sometimes you can reduce your annual premium by 10 percent or more if you increase your deductible from, say, $250 to $500. If you do this, however, make sure you have the financial resources to handle the larger deductible when the time comes.

2. Keep an eye on your credit report. Your credit history is an important factor for most auto insurance companies. Many studies have shown a correlation between your credit history and the risk to an insurance company. Paying your bills on time and maintaining a good credit history will allow you to enjoy lower auto insurance rates.

3. Drive less. If you drive less than a certain number of miles in a year (e.g., 7,500), you may qualify for a low-mileage discount. If your insurer offers this discount, try to limit your driving as much as possible. If you commute to work, use public transportation instead of driving. When you go away on vacation, fly or take the train.

4. Don't use your car for business purposes. Since work-related driving generally subjects you to higher premiums than pleasure driving, it may be in your best interest to stop using your car for business purposes.

5. Drive more safely. You may be eligible for a price break on your policy if you maintain a clean driving record for a specified period (usually three years). A clean driving record generally means no accidents, moving violations, drunk driving convictions, etc., during that period. The best way to qualify for the applicable discount is to drive carefully and defensively at all times.

6. Buy a low-profile car. Cars are rated on a risk scale for auto insurance purposes. In general, sports cars and other high-performance, flashy vehicles are classified as higher risks because they are common targets for thieves and vandals, and because statistically, the people who own them tend to drive more recklessly. If you own such a vehicle, you will likely pay a higher premium than if you owned a station wagon, sedan, or other low-risk vehicle.

7. Move. If you live in a rural community with little crime and traffic congestion, your premium will generally be lower than if you live in an urban area where your car is more likely to be stolen, vandalized, or involved in an accident. Granted, you shouldn't move just to cut your auto insurance costs. However, this may be one of many factors in your decision if you're thinking about relocating from the country to the city.

8. Keep your car in a garage. Cars parked in garages are less likely to be stolen, vandalized, or struck by other vehicles. Using a garage to store your car may entitle you to a slight premium reduction.

9. Have safety/anti-theft devices installed. CYou may receive discounts on your insurance if your car is equipped with one or more of the following options: anti-lock brakes, automatic seat belts, and airbags. Similarly, anti-theft devices such as car alarms and tracking systems (e.g., Lojack) may also get you a discount because they reduce the chances of your car being stolen or vandalized.

10. Inquire about multifamily/multipolicy discounts. You may receive a discount from your insurance company if you buy more than one type of insurance through that same company (e.g., auto and homeowner's). A discount may also apply to your auto insurance if you insure multiple cars under the same policy or with the same company.

Travel Insurance: Perilous or Life-Saving

Two recent articles brought trip insurance to the forefront again. So should you buy trip insurance, and if so, when and how.

The first article: From the New York Times. A couple purchased trip insurance through their cruise ship company. When a medical condition forced them to cancel, they could not collect a cash refund.

My take: Never buy insurance from a tour company, airline or cruise ship at the time of booking. Shop around for the best insurance for your specific needs and the best deal using my tips at the end of this article.

The second article: From yesterday’s Garden Island newspaper. A local vacation rental company skipped town and left people stranded.

My take: Trip insurance does not cover situations where a hotel or vacation rental does not accommodate you. For protection, I suggest always using a credit card so you can get a refund if you find yourself in this situation.

Do I need trip insurance for my Hawaii vacation?

Yes, if you are using a cruise ship or tour company. Also, if you cannot reschedule your airline ticket within a year of purchase, you may want trip insurance coverage.

No, when the non-refundable, insurable costs associated with a planned trip are less than the cost of trip insurance.

Do I need trip insurance for international vacations?

Yes, in almost all instances, your health insurance will not provide coverage in countries outside of North America.

Travel Insurance Tips for those who need to purchase:

1. Do not buy on a whim, no matter what. If you are going to get trip insurance, you need to do your homework in order to avoid throwing away your money or worse.

2. Use on-line sites like Insure My Trip which offer comparisons between companies and policies. Check the A.M. best rating of carriers.

3. Each policy has specific limits as to how soon it needs to be purchased in order to provide full coverage. Start shopping for insurance within a few days of making your first trip reservation.

4. Read every word of all clauses that are the basis for you’re need to buy insurance. Do not rely on statements made by insurance agency representatives. As with all types of insurance, don’t assume buying insurance means that you’re covered.

5. I wrote four articles on travel insurance that contain 28 coverage areas plus more helpful things to consider before buying:

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