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

Valentine’s Day Gifts & Insurance: Why It’s Important to Insure Your New Jewelry

If your special someone got you something shiny this Valentine’s Day, you’re probably eager to wear it, but have you thought about how to properly protect it? Although insurance may not cross your mind amidst the excitement of receiving a nice gift, it’s an important factor to consider.

According to the Insurance Information Institute (I.I.I.), Valentine’s Day represents one of the biggest gift-giving holidays, with jewelry and watch sales expected to increase 7 percent this year, rising to an estimated $4.4 billion. While there’s no way to insure the sentimental value of jewelry you receive from your significant other, it’s important to ensure that your new accessories remain financially protected.

You may wonder whether you already have coverage for your valuable possessions under your homeowners or renters insurance policy, and the answer is yes, to a certain extent. However, the I.I.I. reports that many policies limit the amount of coverage for the theft of personal possessions like jewelry to $1,000 to $2,000. In these cases, you would be covered if a piece of jewelry was destroyed in a fire or hurricane for instance, but to have full coverage in the event that your jewelry is lost or stolen, you will likely need additional insurance. However, since coverage varies from one insurance company to another, it’s a good idea to review your policy with your insurance agent to ensure that you understand your coverage limits.

If you discover that you need additional coverage to fully protect your expensive jewelry, you may purchase it through policy add-ons known as floaters or endorsements, which carry no deductibles. Another option that some companies offer is a stand-alone policy to cover jewelry, that doesn’t require you to purchase a full home or renters insurance policy.

However, if you don’t have a homeowners or renters insurance policy in place, you may wish to consider securing this coverage, especially after receiving an expensive new piece of jewelry, whether it be a new necklace or an engagement ring. According to the I.I.I., while 96 percent of homeowners had home insurance as of 2012, only 31 percent of renters had a renters insurance policy. To ensure that your jewelry and other valuable possessions remain properly protected, you should first secure a home or renters insurance policy if you don’t already have one in place, and then take the following precautions:

·         After you receive a new piece of jewelry, contact your insurance agent immediately. This will help you determine how much existing coverage you have, and whether additional insurance is necessary.

·         Make sure you get and hold on to a copy of the receipt for proof of the item’s value, and have the piece appraised if necessary. Heirlooms and antique jewelry will need to be appraised to determine their dollar value, and your insurance agent may be able to recommend reputable appraisers in your area. Your items should be insured for their current value, so it’s also important to get your jewelry appraised if it was purchased on sale.

·         Add any new items you receive to your home inventory, ensuring that it is an up-to-date, accurate reflection of your belongings. Having an updated home inventory will not only help you determine the correct amount of coverage to purchase to fully insure your belongings, but it will also speed up the claims process in the event of a loss. Creating an inventory of all your belongings may seem like a daunting task, but there are free tools that can simply this process for you, like the I.I.I.’s Know Your Stuff® home inventory software. Using this program, you can add images of your new items, save scanned receipts, and access your inventory 24/7. If you are more mobile inclined, you can download the free Know Your Stuff app in the iTunes App Store or from Google Play.

At Hunkins & Eaton, our agents are here to ensure that your valuable possessions remain protected. If you received a new piece of jewelry or other expensive item this Valentine’s Day, contact us at 603-444-3975 or online at www.hunkins-eaton.com to review your coverage to make sure your new gifts are fully insured.

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Coverage Concerns for Renters: The Cost of Renters Insurance & What it Covers

If you're living in a rented home, renters insurance is an affordable and invaluable type of coverage to invest in, yet only 45 percent of renters have secured this type of policy, according to the Insurance Journal. From the cost of renters insurance, to the different types of coverage a renters insurance policy provides, it's important to familiarize yourself with the coverage concerns associated with living in a rented home, and how renters insurance can provide you with peace of mind, knowing your meaningful possessions will remain protected.

The Cost of Renters Insurance

Dollar for dollar, renters insurance is one of the smartest purchases a renter can make. The cost of renters insurance starts around $125.00 per year. However, there are many factors that can influence this rate, including the specific insurance company and the approximate value of all of your possessions. It's best to work with an independent insurance agent, who will assess your situation, and quote your renters insurance policy with many different companies to find the best rate and coverage options for you.

Do I Have Coverage Under My Landlord's Policy?

Many renters believe that they have coverage under their landlord's policy, but this is typically not the case. In fact, the rented property's owner or landlord usually carries commercial insurance, which generally does not cover you as a renter. For this reason, it's crucial to secure your own coverage in the form of a renters insurance policy.

What Does Renters Insurance Cover?

If you're considering investing in a renters insurance policy, you may wonder: "What does renters insurance cover?" Among the many coverages included in a renters insurance policy, the two main forms of protection are personal property and personal liability coverage.

First, as a renter, it's important to consider the value of your personal property, which quickly adds up when you think about all of your belongings, from expensive electronics to furniture and tableware. Investing in a renters insurance policy will help you ensure that these valuable possesions remain protected against perils like fire and theft.

Secondly, a renters insurance policy provides personal liability coverage, which will help protect you in the event that you are deemed liable for an accident that occurs on your property, such as a guest falling and injuring him/herself. Your landlord's commercial insurance policy generally does not provide this type of coverage, which is important to have in a society in which lawsuits are continuously on the rise.

Some landlords may require that you secure renters insurance in order to rent your apartment, condominium or house, but regardless of whether this type of coverage is required, it will prove invaluable in protecting your belongings in the event of a claim.

At Hunkins & Eaton Insurance Agency in Littleton and Lisbon, N.H, the protection of your assets is important to us. We would be glad to further discuss renters insurance with you, answer any questions you may have and provide you with a free quote. For additional information about our agency, or to get a free quote for renters insurance in Littleton, Lisbon, or the surrounding New Hampshire towns, please visit us online at: www.hunkins-eaton.com.

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