How to Get Affordable Insurance: Health, Car, and Home

affordable insuranceNo matter how much you plan and save for a rainy day, unexpected expenses still crop up. This is why Americans spend an average of 12% or their income on insurance for their homes, their vehicles, and their health. The intention is that, by paying into an insurance policy, their needs will be covered in the event of a catastrophic event.

Since insurance can be so costly, it’s important to do research to get the best deal possible on affordable insurance. Ideally, buyers should seek to get the most comprehensive coverage they can afford the best price available.

Are you ready to learn how you can save by switching to affordable insurance? Here are our top tips for getting a good deal on home, health, and car insurance.

Home Insurance Tips

Whether your own your home as a residence or as an investment opportunity, it is important to purchase insurance for the property. Homeowner’s insurance protects the value of your property in the event of a natural disaster, an accident, or even some cases of natural wear and tear. Here’s what you need to know to save on coverage.

Factors that Determine the Cost of Home Insurance

The most important time for making choices that will impact your cost of home insurance is when you are purchasing the home. Many factors that will determine the cost of your homeowner’s insurance will be determined by the home you choose, including:

  • Price
  • Location
  • Age of home
  • Age of roof, electrical system

Expensive homes are more expensive to insure because they cost more to replace. The location will also affect home insurance rates, based on whether you’re at risk of a robbery, hurricane, earthquake, etc.

Choosing the Right Insurance Company

Of course, if you already own your home, you may not have control over a lot of the factors that affect your insurance rates. But there are still steps you can take to save on your premiums.

One good option is to research smaller insurance companies that serve your area. These companies often offer better rates than their larger competitors. That said, make sure to choose a company with a long, good reputation, as unestablished companies are sometimes unable to pay out.

Choosing the Right Insurance Policy

Another way to find affordable insurance for your home is to change your coverage options. For instance, you can save on your monthly premiums by taking on a higher deductible. In this case, you will have to pay more if you make a claim, but you will pay a lower rate each month.

You can also sometimes get a discount if you bundle homeowner and auto insurance with the same company. Staying with the same company with a good record for several years can also lead to a lower rate.

Health Insurance Tips

Health insurance helps individuals to cover the costs of their medical expenses. In America, most individuals get insurance through their employer as they advance in their careers. In other countries, health insurance is subsidized by the federal government.

Even so, individuals in countries with subsidized insurance often purchase supplementary insurance for additional coverage. For instance, Canadians may choose insurance from a provider like Insurdinary Canada life insurance to add a life insurance policy to their regular health coverage.

Determine What Kind of Plan You Need

As with home insurance, you can make choices to save money on health insurance by deciding how much coverage you need. For instance, you can often pay less for insurance if you choose a “catastrophic” plan with low premiums and high deductibles.

These are a good option if you do not plan to go to the doctor often. They are not good, however, for individuals on several prescription medications or who need regular doctor’s visits.

See if You Qualify for Other Plans

The government has some plans available for individuals with special needs, including Medicare, Medicaid, and CHIP. Medicare is available for individuals above the age 65, and Medicaid is available for individuals below a certain income threshold or with disabilities.

For parents who make too much money to qualify for Medicaid, but don’t make enough money to pay for their children’s insurance, CHIP is available. CHIP (Children’s Health Insurance Plan) provides subsidies to help children get the coverage they need.

Car Insurance Tips

All car owners are required to purchase automobile insurance, for a few reasons. Driving a vehicle is considered an inherently risky activity, mostly due to high speeds and the presence of other drivers.

Insurance will cover medical expenses for you, passengers, and other drivers in the event of an accident. It can also cover costs of repair for your vehicle, or the cost to replace a totaled or stolen vehicle.

Think Before You Buy

As with home insurance, car insurance is often cheaper depending on what kind of car you buy. Cars with anti-theft and safety features are often considered safer and are therefore less expensive to insure. Your vehicle will also be cheaper to insure if you own it free and clear vs financing it, so consider this when determining how long your loan should be.

Check for Discounts

There are a variety of discounts available when you purchase car insurance. If you are a homeowner, or get good grades as a student, or haven’t had an accident lately, you will be seen as less risky.

You can also sometimes get cheaper coverage if you insure multiple cars, or if you pay the entire six-month premium up front.

Do You Need Comprehensive Insurance?

Comprehensive insurance covers the cost of repairs of a vehicle in a one-car collision. So, if you crash your car into a light pole, your insurance will cover the repairs. But if you have an old car that is not worth a lot of money, it may not be worth the cost of a deductible to pay for the coverage.

Get Affordable Insurance Today

With these tips in mind, you will be on your way to choosing insurance that you can afford and that covers the liabilities you need.

Did we forget any tips that you follow when looking for affordable insurance? Let us know about them in the comments below!