Posted on March 14, 2009 - by admin

Saving Money on your House Insurance - OOG 32

Out of Gas Newsletter - Issue 32 March 15, 2009

++ News -

Last week we had temps in the 80’s - Thursday it snowed six inches… don’t you just love March?

Next week our kids will be on Spring Break - so there will be no OOG on Saturday and we’ll have less posts too.

++ Savings Tip of the Week

Lots of good finance videos here -
http://www.genxpense.com/

We have a twitter account so we can send updates when we find good deals… one thing that is the only time we’ll tweet.

You can follow us here - http://twitter.com/savingmoneyon

Saving Money The Nitty Gritty -

Saving Money on your Home Owners Insurance -

There are several parts of your homeowners policy -

The Property Protection Part

This portion is usually broken down into several sections.

Your house
Other structures (like outbuilding, garage, fences, sheds).
Personal property (the stuff in your house)

Then there is

The Liability Portion

This just covers you if someone falls off your porch or slips on the sidewalk. These are usually mandated by your state.

So how do you save Money?

1. Become friends with your agent.
2. Find out what your coverage is for the items we listed above.
3. Make sure that you have adequate coverage - if your contents are worth 50k and you have only 20k of coverage, if something happens then you’ve lost 30k. This past year we bought some major purchases and we added about 10k or so to the ‘contents’, and it cost about $100 extra a year.
4. All policies have a deductable - this is one area where you may be able to save. Get some quotes on what happens when you increase the deductible… you may be pleasantly surprised.
4. Start shopping around for a better price - when you shop around make sure that you ask your friends and neighbors. A lower cost won’t help a bit if they take six months to pay a claim.
5. If you find a better price then ask you current agent can they match it, they usually will.

Other tips

– Put your deductible in a savings account and don’t touch it.
– Make sure you have pictures or a video of the contents of your home. Keep those receipts.

Next up:

Housing -
Payments / Interest

Car -
Overview
Gas
Maintenace

Entertainment -

An Overview
Doing the Audit
Entertainment alternatives