6 Surefire Ways to Save on Property Casualty Insurance

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They have helped thousands of people with bettering their financial future through their personal finance tips. Millionaire Mob quit investment banking to help people understand how to get Wall Street advice without the price tag. They look forward to learning and growing with you.

Good saving habits can help you achieve financial freedom. A diverse savings plan can offer you financial security and lead to financial independence.

No matter what you are saving for: a house, retirement, emergency, if you develop good savings habits, it can eventually pay off. Even relatively small regular contributions can make a lasting impact on your financial position.

The savings ratio is one of the most important personal financial ratios. It helps you to become aware of how financially secure you are and if you have set aside enough money to help you cater to your needs. The more you save, the better you become financially.

One of the best money hacks from millionaires is to take an insurance cover to protect your savings and hard-earned money. Property casualty insurance covers your wealth and can compensate you in the event you lose your property in unexpected occurrences.

But even as you pay premiums for it, you can still save a few dollars.

So, how can you save on property casualty insurance?

Let’s first see what property-casualty insurance is all about.

Purchasing property casualty insurance assists you in multiple ways. Property casualty insurance consists of auto, home, and commercial insurance. It helps protect your properties like a car, home, business vehicles, and other corporate property.

It also covers you against liability concerns that may arise if you are found responsible for an accident that results in injury, death or damage of property.

To cover your tangible assets such as computers, industrial machine, vehicles, and real estate, you need to take out property casualty insurance. It also compensates you for any stolen property, lost items, and damaged property.

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The property casualty insurance also covers you up to your limit if you lose your income due to disasters, break-ins or any other calamity.

Everyone is exposed to certain risks and so you should get policies that specifically cover your main areas of exposure. It is prudent to minimize the financial risks that you are exposed to. Some risks could cause detrimental effects to you and your property.

There are several ways to save money on property casualty insurance. Invest your savings to accumulate wealth. To ensure that you are building wealth effectively, read more about some of the best personal wealth management resources here.

Here are 6 ways to save on property casualty insurance:

Raise your deductible

If you raise your deductible, you save on the cost of your insurance. If you assume more risk, you lower your premiums. The larger the deductible you pay, the less the cash you remit to your insurance policy.

A deductible can either be a percentage of the total amount of insurance on a policy or a specific amount like $500, $1,000, etc. The amount is established based on the terms of your coverage.

Deductibles typically relate to property damage and not to your liability portion in auto insurance policies or homeowners policy.

Find multi-policy discounts

Look for lower rates and premiums in the market. Shop around for the best insurer in your state. Ask your friends, check consumer guides, insurance agents, and online insurance quote services for discounts or companies which have lower prices.

Companies give discounts based on different things and others do not give the same amount of discount in all states.

Purchase several policies with the same insurer such as auto, life, home insurance which could save you some money on your insurance policies. Package your policy in a group where you take multiple covers for less money than you would if you bought them separately.

When you bundle up your auto insurance, homeowners’ insurance, and umbrella insurance policy with the same insurer, you can cut on the cost of your premium and save a few dollars.

Be active in trade and professional organizations

Some professional or trade organizations provide insurance coverage to their members. They may have an affiliation with a particular insurance company and so purchasing your coverage through them could be cheaper than when you purchase it on your own. Take advantage of it and seek for low-cost insurance.

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Look for unnecessary or overlapping coverage

Check your policies to uncover duplicate policies like those that protect your vehicles, machinery, property or equipment policy. Find out if you have a commercial auto policy because you don’t need to cover non-owned autos or hired auto under the general liability policy.

Your agent can be of substantial help and can assist you to uncover any overlapping or duplicated policies. It is also not prudent to cover older vehicles for physical damage.

Duplication and overlapping could increase your insurance costs and so you need to eliminate them to cut costs and to save on property casualty insurance.

It is important to review your policies regularly to dig out duplicate and overlapping covers. For example, you could have a property policy still scheduled for payment and maybe you have already sold the property. To save yourself from such unnecessary costs, keep your policy records up to date and review all your scheduled policies periodically.

If you have purchased any items, check whether they are all scheduled for policy. It is also crucial to keep a record of everything that you own. It comes in handy when unexpected things unfortunately occur. All these help you reduce costs associated with property casualty insurance.

Make your home and office more disaster resistant.

If you have employed people or run a business, you can limit losses by training your employees, updating your machinery and solving any safety concerns when they arise. You also need to reduce anything that can cause harm to people or property. Adopt and maintain a safety plan that is consistent. Review it regularly and evaluate its results periodically.

An ideal safety plan can help you cut losses and reduce your general liability premiums as well as your workers’ compensation.

Adopt health specific changes at your workplace which can help lower your health and workers’ compensation premiums. For example, you can adopt a smoke-free environment, offer gym membership and health club membership plans as employee benefits. Train your workers well so as to reduce on-the-job injuries.

Another precaution to take is to install security devices in your home to secure it from theft and intrusion. Remove anything that could injure you, other people in your property. All these steps can contribute significantly to the reduction of your premiums or can make you earn a discount from your insurer.

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Maintain good credit history

If you establish a good credit history, you can lower your insurance costs. Nowadays, insurers are using a credit report to price their policy. A company that pays its debts on time can get better prices for their insurance policy. Create a good credit report by reducing debts and do not obtain more credit than you can pay. To obtain a better deal for your homeowners’ insurance, you need to ensure that your credit report is good.

Conclusion for Saving Money on Property Casualty Insurance

I hope you have managed to pick up some handy tips on how to save on your property casualty insurance. You can also ask your agent or broker for suggestions on policy discounts and ways to save on property casualty insurance.

Millionaire Mob is where people come together to find the best travel deals and financial advice. We specialize in dividend growth investing, passive income and travel hacking. Our advice has helped thousands of people travel the world and achieve financial freedom. Millionaire Mob hopes to provide the best advice to help you learn and grow along the way. Let’s achieve financial freedom together. Follow us on Instagram, Twitter and/or Facebook for all the latest updates.

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About the Author

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Michael launched Your Money Geek to make personal finance fun. He has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, and save for retirement. Michael is passionate about personal finance, side hustles, and all things geeky.

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