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Owning a good insurance plan is essential. It covers you when an unwanted incident happens, and takes care of thousands of dollars worth of damage to your home, your car, and your health. Two of the most important insurances you can have aside from health care, are car insurance and homeowners insurance. Every state in America requires a driver to have auto insurance, which can help mitigate the cost of accidents, or repairs, and about 95 percent of American homes are insured for the same reason.
But one of the problems with insurance is that it can be costly. The average home in America costs about $180,000, and insurance rates can be extremely high based on the home’s location. If it is within a certain number of feet of a body of water, flood insurance alone can cost up to $10,000. A home situated in areas prone to natural disasters also generates high insurance costs, as well as a house that has old roofing or plumbing. Even a lengthy distance to the nearest fire station can raise your insurance rates.
Car insurance prices can be high if a driver has a poor driving record. Insurance companies also take into account the type of car, the town or city the driver lives in, and how long a person has been licensed to drive, when calculating insurance rates. Younger drivers often face steeper charges because of their lack of experience. Some states like Michigan, Kentucky, Louisiana, Mississippi, and West Virginia, simply charge more than other states in the country. Considering that a 2013 AAA study found that the average annual cost of operating a sedan is $9,122, which includes insurance, maintenance, and fuel costs, it is no surprise that people try to find the best insurance deals they can.
If you are trying to figure out how you can cut car insurance costs, and how to save money on home insurance, there are a few things you can do. One of the best ways to save on insurance is by doing your research. There are many websites online that will generate free insurance quotes for you. They pull up all the most affordable insurance rates in your area. By comparing insurance quotes, you will have a better idea of which company suits your needs better. Also, you can try to find companies that will give you a discount for consolidating your insurances, which means that you pay one company for both auto and home insurance.
These insurance companies can also set you up with agents that you can talk to about your insurance needs, which can make finding cost-effective insurance plans much easier. You can speak to them about how to save money on home insurance and car insurance plans. Be sure to ask them questions like, “Do I need collision insurance?”, and “How much homeowners insurance do I need?” The answers to these questions can help you decide on simple insurance plans that cover all your basics needs, rather than ones that have other bells and whistles that will cost you more than you should pay.
With so many other costs in your life, it is important to figure out how to save money on home insurance and car insurance. Most people do not have extra money to go around, so finding affordable insurance prices can be extremely helpful.