You would expect insurance companies to tell you not to cut your coverage. But a leading advocate for insurance consumers is making the same pitch.
United Policyholders – a non-profit tax-exempt organization that helps to educate consumers about insurance — is concerned that too many people in this recession will be penny wise and pound foolish about their coverage.
Instead, UP recommends:
- Raising your deductibles
- Calling around and using the Internet to find discounts
- Switching to a lower priced (financially healthy) insurance company
- Removing any riders that were added to your home insurance policy after you sold any valuables, such as fine art or jewelry
- Checking to see if you are eligible for a premium reduction if you made recent home improvements
- Finding out if you qualify for a discount for being a good driver, a member of a professional association, or for having completed a defensive driving course
- Insuring your car and home with the same company for savings
For more specifics on making the most of your insurance policies CLICK HERE for more tips I’ve posted.
Or, go to United Policyholders’ Web site. The national organization was created in the wake of the Oakland Hills fires and has terrific resources for dealing with a disaster, such as the booklet above.
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