Cheap Home Owner Insurance - Self Insure And Save Money
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Affordable Home Insurance: Save by Self-Insuring
Overview
Insurance is designed to protect your assets from unforeseen financial losses. By paying premiums, you transfer the risk of financial disasters to an insurance company. However, many consumers rarely consider their insurance options, relying on professionals to guide them.
Self-Insurance: A Cost-Saving Strategy
One effective strategy for reducing insurance costs is self-insuring. This involves using higher deductibles and eliminating unnecessary coverage, ultimately saving you money. For example, by increasing your auto insurance deductible from $100 to $500, you assume the risk for the initial $500 of damage. This same approach applies to homeowners' insurance, where higher deductibles can significantly reduce your premiums while still protecting you from major losses.
Long-Term Savings
Opting for higher deductibles can lead to substantial savings over time, as most people experience few claims throughout their lives. By maintaining deductibles of $500 or more, you avoid paying for services you may never use, potentially saving thousands.
Eliminating Unnecessary Coverage
To further reduce costs, consider cutting optional coverages from your auto and homeowners' insurance. For instance, many states offer tort options?"full tort versus limited tort?"which can affect your premium by up to 20%. Also, think about self-insuring for rental reimbursement and towing benefits to cut down on expenses.
Adopting the Self-Insurance Mindset
Understanding and embracing the concept of self-insuring can make your insurance purchases easier and more affordable. Many agents support this approach, recognizing that it often offers the best value for their clients.
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