Maximize Your Insurance Dollars

These days, who couldn’t benefit from saving a few dollars? We’re all looking for ways to tighten the proverbial belt, and making adjustments to your insurance coverages is one way to save money. These ideas can help you maximize your
insurance dollars, while ensuring you have adequate coverage should
the unexpected occur.

Homeowners Coverage

Insuring your home for its sale price seems like an attractive option for cutting insurance costs. But it’s important to adequately insure your home not only to cover its cost, but to rebuild and replace your belongings. Instead of lowering your coverage, raise your deductibles. An increase from $500 to $1,000
could save you up to 25 percent on premium payments.¹ While you’ll take on more out-of-pocket expense should you have a broken window claim, you’ll be saving money over time.

Auto Insurance

Carrying only liability coverage on older vehicles, especially those valued at less than $1,000, is a cost-saving option – as long as you maintain adequate liability and bodily injury coverage. These coverages protect you if someone is injured as a result of an accident for which you are at fault, or for damage caused by your car to another person’s property. Uninsured/underinsured driver coverage is also important. It protects you from bodily injury caused by drivers without adequate auto insurance. Passengers in your insured car are covered, and most household members are covered as pedestrians.

Home + Auto = Discount

Another great way to save some cash with your insurance coverage is to look into multiple policy discounts. Many insurers offer savings for insuring your home, auto and life insurance with the same provider. With a Farm Bureau Member’s Choice policy, you can protect your home, vehicles and other possessions conveniently and affordably – all in one policy, with one deductible should you have a claim. So, not only do you save money by combining multiple coverages into one package, you also save money on deductibles. For example, if a storm damages your home, two cars, boat and garage, you pay only one deductible, not five separate deductibles. Plus, if your total property loss exceeds $50,000 at one
time, up to $500 of your deductible could be waived. Discounts may be available for good driving records, good grades, multiple vehicles or having certain life insurance coverage with us.² These cost-saving ideas can help you reduce expenses while maintaining the protection you need. Even when your budget is tight, it’s important to have the appropriate insurance in place. Be sure to contact your Farm Bureau agent to review your coverage needs before making changes
to your policies.

¹Insurance Information Institute, Maximize Your Insurance Dollars in 2010: Avoid
Five Biggest Insurance Mistakes, www.iii.org, visited January 6, 2010. ²Some
discounts or credits may not be available in all states.

Tips
brought to you by Farm Bureau Financial Services.  For more
information about products and services, call Shane Blanchard at 515 528 2319. 

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