PHOENIX (3TV/CBS 5) – Whether it’s insurance for your home or your car, it can be difficult to find a price that fits your wallet while still giving you the coverage you need. But with a little work, you might be able to save a lot of money.
As we face the highest inflation we’ve seen in 40 years, almost everyone is looking to cut costs where they can. “Insurance is very important,” says Linh Ho of Zelros, the first AI software dedicated to the insurance industry. She says you can lower your premiums and still be insured. “There is growing awareness that we should review our insurance on an annual basis to see what changes we have made to help reduce costs,” she said.
Changes in our lives can alter our insurance needs, which could reduce the cost. Ho says, “If you don’t use your car as much, you probably qualify for low-mileage car insurance. You exercise more or quit smoking or quit drinking, these are things you can bring that could potentially reduce the cost of your life insurance or health insurance. If you’ve done home renovations, and a lot of people have remodeled their homes during the pandemic, or added security cameras, etc.
All of these changes may affect what you pay. To reduce your insurance premiums, consider:
- Regularly review your policy coverage for changes
- Make improvements to yourself and your property, and be sure to notify your insurance provider
- Ask about discounts and personalized coverage, as buying different types of insurance policies from the same provider can make things cheaper, more convenient and less complicated.
- Consider paying higher deductibles. This is a riskier but cheaper option.
It’s a good idea to talk to your insurance provider to find out what can lower your costs while still giving you the coverage you need. Right now, you’re probably paying too much.
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