As a responsible adult, you know the importance of having insurance coverage for your home and vehicle. But did you know that you could be wasting money on auto and home insurance policies without even realizing it? Here are five common ways that people waste money on their auto and home insurance:
- Paying for coverage you don’t need: Many people purchase insurance coverage without fully understanding what it entails. For example, you may be paying for collision coverage on a car that’s worth less than your deductible. Or you may be paying for flood insurance when you live in a dry area. Make sure you understand your policy and adjust your coverage accordingly.
- Not shopping around for better rates: Many people stay with the same insurance provider year after year without checking for better rates. But shopping around for insurance can save you hundreds of dollars a year. It’s easy to get quotes online, and many insurance providers offer discounts for switching.
- Not bundling policies: If you have separate policies for your home and auto insurance, you may be missing out on bundling discounts. Bundling your policies with the same provider can save you up to 25% on your premiums.
- Not taking advantage of discounts: Many insurance providers offer discounts for safe driving, good grades, and other factors. Make sure you’re taking advantage of any discounts you’re eligible for.
- Having a high deductible: While a high deductible can lower your monthly premiums, it can also cost you more in the long run. Make sure you have enough savings to cover your deductible in case of an emergency.
At TGH Insurance, we understand the importance of finding the right coverage at the best rates. Our experienced agents are here to help you understand your policies and find ways to save you money. Contact us today to learn more about how we can help you protect your home and vehicle while saving you money.