Proper Insurance Savings Strategies

Here is some great info offered by Safeco that can help clients maximize there insurance budget.<br /> ________________________<br /> Today's unsettling economy has people seeking ways to stretch their money&mdash;but sometimes those decisions include improperly altering insurance coverages to dangerously low (or no) levels. Your counsel, coupled with Safeco's high-value offerings, has never been more crucial.<br /> <br /> Here are some key issues to address...<br /> <strong>Discounts and credits:</strong> Safeco provides a variety of policy credits and account discounts that can translate into significant savings without endangering the level of protection people need for their homes, autos and other valuable property. Clients who bundle their home, auto and other coverages are rewarded with multi-policy discounts. People who own motorcycles or boats and who complete approved safety courses can qualify for discounts, and families with teen drivers who earn good grades in school may qualify for auto policy discounts.<br /> <strong>Increase deductibles for cost-savings:</strong> The Insurance Information Institute (III) reports that on average, homeowners file claims only every eight to 10 years, and increasing the homeowners policy deductible can save money over time. It recommends a minimum $500 deductible, and that homeowners consider $1,000 if possible.<br /> <strong>Specialty lines coverage options:</strong> Classic car and/or RV owners who use them only in certain seasons of the year can save premium dollars by changing their full-coverage policies to liability-only protection during those off-season months, then request full coverage again when they need it.<br /> <strong>Full payment on policy:</strong> Depending on clients' financial circumstances, it may be easier for them to make lump-sum payments instead of partial premium payments, such as monthly or quarterly. Partial payments include small transaction fees, so paying the full amount can eliminate those extra costs.