We’re all looking for ways to pinch pennies these days. One thing that may not have occurred to you is checking your insurance coverage. Here are a few things you might want to take a look at:

• Is there another company with a better price?

Shop around! You might be surprised at what you find. These days, there are all kinds of price wars with different companies and it’s easy to get a quote online. However, make sure you ask for recommendations from friends and/or family members to ensure your claims will be handled in a timely and efficient manner. You will also want to check the ratings of the insurance provider.

• Could you afford to carry a high deductible plan? Think about it: what if you took the largest deductible plan and deposited the savings in premium into a separate savings account? You could then use the account to pay for potential “claims” you would have had under the smaller deductible plan. Not to mention, the account would have the ability to grow over time and cover the “claims” you might otherwise have to make (and as we are aware, when claims are made, premiums typically increase). So, would this be a good option for you? Make sure you talk with a professional to make sure you aware of all the fine print before making changes.
• Are your home(s) and vehicles covered by the same company?

Normally, if you have two or more policies with one company, you might be eligible for a discount. Just double check to ensure the “discounted” price is actually lower than purchasing policies from separate companies.

For more information and insurance savings tips, visit The Insurance Information Institute’s website: http://www.iii.org.