Insurance Fees

Insurance advisors should be licensed to give advice and sell insurance. Some specialize in certain products, such as property, investment, life insurance and others sell a range of insurance products. Some insurance advisors may also be registered to sell investments.

Insurance advisors are usually paid by the companies whose products they sell. They make money each time they sell a policy. If you decide to buy a policy the cost is built into your insurance payments.

Credit Score

Credit score usually plays a significant role in insurance costs. Some insurance companies also calculate their own score for you. In both cases, improvements in these scores can lead to lower insurance premiums. Insurance companies usually show you some level of detail behind the determinants for your score but you should understand those inputs and how you can improve them. If you make improvement, make sure to discuss this with the company and you could not only reduce future rates, but possible some retroactive refunds on past payments. 

Ala Carte 

Pay for what you need. More insurance companies are offering ala carte programs where you some flexibility in determing the types of coverage and coverage amounts. Be careful to understand exactly what you are getting and/or giving up if selecting this process. 

Communication

Any major change to the items covered under your policy should be communicated to your insurance company. If you don’t, this could void the terms of your existing policy. If you buy another house and keep the former for a rental, the rental requires a different type of policy. 

Auto Insurance

Auto Insurance

It seems that every other commercial is for vehicle insurance and every other skyscraper belongs to an insurance company. They’re making money. 

Home Insurance

Home Insurance

Life Insurance

specialize in estate planning, life insurance, and related risk management. 

 

Add-ons

Valuables

Collectibles / Valuables

Insure or not to insure? This can depend on the value, future projected value, and risk level to protect them. You could reduce your property insurance, usually with your home insurance policy or a riders, by considering using your bank to store valuables (depending on size) in a safey deposit box. A deposit box could be safer than a safe at home but not as readily accessible.

If choosing to insure personal property its helpful to take clear pictures, get documentation or whatever can help prove their existence, specifications, and condition and share this with the insurance company. Any changes, additions, removals should be shared promptly as well. These changes could affect the future payments but at least you’ve done your due diligence. Depending on the item(s), the insurance company may want to know how they are protected and you could ask about fee reductions if you store them in a certain manner. 

Bundling

Bundling refers to providing as many policies as possible to one insurance provider. Usually, the more business you can offer one company the lower the overall insurance costs and added convenience with less to manage and track. Not all insurance companies offer multiple types of insurance especially if you have an assortment of property such as an rental property, cottage, RV, boat, ATV, or motorcycle in addition to a primary residence and vehicles.

This is a great way to reduce your insurance costs but shop around, get multiple comparable quotes. This is easy said but can be very time consuming and more so because getting comparable quote isn’t always possible. Not all insurance companies offer the exact some coverage. Take notes of the differences so you can make the best risk-cost-benefit decision. 

Due Diligence

Policy Due Diligence

Read your policies and study them carefully. It can be an insightful exercise to understand the variables that affect your rates, the exceptions, and more. They can be lengthy documents with some challenging language and terminology but the more you educate yourself the easier it is to negotiate and understand how to reduce your costs.

Each company is different, there are nearly an infinite number of combinations and exceptions for any type of policy. You may be surprised to find what you’re paying for that you don’t or what you’re not paying for that you need. 

 

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