With inflation, Arizonans need to review auto and home insurance premiums
You’re probably overpaying for coverage you don’t need
PHOENIX (3TV/CBS 5) - Whether it’s insurance to cover your home or your car, it can be tricky to find a price that fits your wallet while also giving you the coverage you need. But with a bit of work, you may be able to save yourself a lot of money.
As we face the highest inflation we’ve seen in 40 years, just about everyone is looking to cut costs where they can. “Insurance is very important,” says Linh Ho from Zelros, the first A-I software dedicated to the insurance industry. She says you can lower your premiums while staying insured. “There’s more and more awareness that we should be revisiting our insurance on a yearly basis to see what changes we have done to help lower the cost,” she said.
Changes in our lives can change our insurance needs, which could lower the cost. Ho says, “If you’re not using your car as much, you can probably qualify for a lower mileage car insurance. You’re doing more exercise or you quit smoking or you quit drinking, those are things you can bring that could potentially lower your life insurance cost or health insurance cost. If you’ve done any renovations at home, and a lot of people have during the pandemic renovated their homes, or added security cameras and so on.”
All of those changes can affect what you’re paying. To lower your insurance premiums, consider the following:
- Review your policy coverage regularly to look for changes
- Make improvements to yourself and your property, and be sure to inform your insurance provider
- Inquire about discounts and personalized coverage as buying differing types of insurance policies from the same provider may make things cheaper, more convenient, and less complicated
- Consider paying higher deductibles. It’s a riskier but cheaper option.
It’s a good idea to talk to your insurance provider to find out what can bring your costs down while still giving you the coverage you need. Right now, you’re probably paying too much.
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