4 Ways to Save Money on Insurance

Making Smart Savings Choices: 4 Common Ways to Save Money on Insurance

In today's unpredictable economy, many people are doing everything they can to stretch their dollar, which sometimes includes altering insurance coverage to dangerously low levels or eliminating it altogether. Although this may seem like it will help at the time, it could leave you in a financial predicament in the event of an unexpected accident down the line. If you’re looking for ways to save money on insurance, consider the following four options instead:

1. Contact your agent to make sure you’re receiving all of the discounts and credits for
   
   which you qualify.  Most insurance companies offer a variety of credits and discounts that can translate into significant savings — without endangering the level of protection you need for your home, cars and other valuable assets. Furthermore, if you purchase multiple policies through the same insurance company, you’ll typically receive additional discounts. Own a motorcycle or boat? You could qualify for another discount if you’ve completed an approved safety course. Have a good student on your policy? Families with drivers who earn good grades in high school or college may qualify for another auto insurance discount.
2. Increase your deductible. Only a small percentage of homeowners report claims in any given year, so increasing your deductible to lower your premium could pay off.
3. Explore specialty lines coverage options.  If you own any vehicles you only use seasonally, such as a classic car or RV, you can typically reduce your coverage to liability during the off-season, having full coverage in place only when you are actually using the vehicle.
4. Pay in full. Depending on your financial circumstances, you may be able to make one full payment instead of partial ones and receive the pay-in-full discount, which most insurance companies offer.

Two Mistakes to Avoid

When it comes to your insurance, knowing what not to do as you look for cost savings is equally important. Be sure to avoid the following two scenarios:

1. Carrying only the minimum state-required amount of uninsured/underinsured motorist coverage on your auto insurance policy, or canceling it entirely. According to the Insurance Research Council (IRC)*, the correlation between the percentage of uninsured motorists and the unemployment rate is high — when the economy is struggling, more people go without insurance, so it’s crucial to ensure that you have coverage in the event of an accident with one of these uninsured drivers.
2. Ignoring renters insurance. This type of coverage tends to be overlooked regardless of the economy’s state. What many people fail to realize is that landlords’ policies generally only cover the structure, not the individual renter’s contents. By opting to not secure this coverage, you would be forced to replace furniture, clothing and other personal property out of pocket in the event of a loss.

Saving money is important, but so is making sure that what you’ve got is protected. At Hunkins & Eaton Insurance Agency in Littleton and Lisbon, NH, we’ll take the time to ask you the right questions to ensure that you receive all of the credits and discounts for which you are eligible, without compromising the comprehensive coverage you need. Just give us a call at 800-427-3975 or contact us online at www.hunkins-eaton.com to see how much we can save you!

*Insurance Research Council, January 21, 2009

3 Ways to Save on Vacation Home Insurance

For many families, after decades of hard work, being able to purchase a vacation home is a dream come true. However, if you are considering investing in a second home, it’s important to keep in mind that if the property is located near the coast and/or will not be inhabited year-round, it is at a greater risk of flooding, theft, fire, and other types of damage. The best way to protect your new property is by securing vacation home insurance, and we’ve put together a few ways to help you save on this type of coverage.

1. Call your insurance agent or conduct research on the types of vacation homes that cost the least to insure, before you enter into any agreements. Homes in gated communities and newer properties that have been constructed under stricter building codes, for instance, may cost less to insure.
2. Safety first. Keep safety in mind at all times when searching for your perfect vacation home. A fire-resistant roof on a home located in an area prone to wildfires, or a home with a security system installed to alert authorities in the event of a break-in while your home is vacant, for example, could help lower your rates.
3. Familiarize yourself with common insurance discounts and make updates to your home accordingly to help save over the long-term. For example, installing a security system, or changing all of the locks in your home to deadbolts, can help reduce your risks, and subsequently, your rates.

As independent insurance agents, we will take the time to learn about your new vacation home, ensure that you receive all of the discounts for which you qualify, and offer you suggestions on additional ways to save. Serving the Greater Littleton, N.H. area since 1880, you can rely on the agents at Hunkins & Eaton to find the right coverage at the lowest possible rate for your new property.

To get a free vacation home insurance quote, or a quote for your primary residence, call us today at 800-427-3975 or visit us online at www.hunkins-eaton.com. For additional safety tips and valuable resources, please read our other blog posts, and connect with us on Facebook, Twitter and Google+.