Budgeting for Insurance
Huestis Insurance Group • January 2, 2024
Budgeting for Insurance
Insurance is not tangible - you can’t hold it, see it, or feel it. For this reason it may be tempting to reduce coverage in order to save some money; but, insurance can be invaluable – especially
if you’re on a fixed budget.
Can You Afford to be Uninsured?
Consider the cost of having an accident, or finding storm damage to your property that you cannot afford to fix. Insurance will help in most cases where the damage is both sudden
and accidental. The cost of unplanned repairs can be disastrous to any budget - having insurance will help you control the costs of uncontrollable events.
Choosing the Right Deductible...
Insurance policies carry a deductible, meaning you pay a certain specified amount towards the damage repair. Consider what portion of a loss (ex: a car accident, storm damage to your house) you can personally absorb or pay for yourself. For instance, if you have a $500 deductible on your insurance policy, and you have a loss that causes $1000 in damages, you would pay $500 towards the repair, and your insurance company would pay the remaining $500. If you don't think you'd be able to contribute a lot of your own money towards repairs, it’s best to talk to your broker about what deductible may work best for you. The cost of your policy is slightly affected by whichever deductible you choose; the more you’re willing to pay, the lower the monthly cost of your insurance will be. But, be realistic, don’t choose a deductible you can’t afford for the sake of a few dollars a month in savings.
Control Your Cost!
In addition to choosing a policy you can afford (both monthly and in the event of a claim), consider these options:
- Review your policy annually to ensure your company has the most up to date details. Have you made home updates? Let your Broker know! A new roof, heating system, or electrical or plumbing updates may reduce the cost of your insurance.
- Consider purchasing a Free Claim or Free Accident! Some companies offer this perk for a very reasonable price, or free, with years of loyalty. This means you maintain your preferred pricing even after making a claim to your insurance company. This add-on can save you hundreds of dollars in the long run.
- Bundle your policies with one company when possible to optimize your discounts.
- Compare payment plans; most of the companies we represent offer monthly payment plans, with very reasonable financing charges.
- If you’re paying your policy in full, consider using a credit card that offers cash-back or rewards instead of using cash or debit. As long as you don't forget to pay the balance, this can be a great way to get more bang for your buck.
Talk to Us! We will work with you to find the right Car Insurance
and Home Insurance
to fit your budget.
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