As you become an adult, you have certain responsibilities. Included in what you must do is having insurance. From health to home, you must be covered to ensure you will be cared for if something were to happen. With your home, you have insurance to cover your belongings as well as the actual home. With health insurance, plans vary, from having coverage for doctor visits to eye and dental care.
Because I am frugal, it was hard for me to think about paying so much for home and health insurance. It can be quite expensive to pay for both, but they are something that we must have. I have learned how to save on such insurance needs over the years to ensure that I am covered without breaking the bank. I will share a few tidbits with you to help you save as well!
Combining Insurance Needs
One way to save on your homeowners insurance is to have it added to your monthly mortgage payment. This will allow you to pay a small amount per month rather than one lump sum once a year. You can also combine your home insurance and auto insurance with one provider. This allows you to get a multi-policy discount which can save you as well. Always speak with multiple providers to see who can give you the best deal.
Saving on Health Insurance
Saving on health insurance is much harder. Depending on where you live and where you work, the price for coverage will vary. If you and your spouse work where insurance is offered, compare the two policy options. You may find one is cheaper but the other may offer better benefits. Weigh the pros and cons to see which option will work best for your family and your coverage needs.
One very important aspect of insurance that is often ignored due to the price is life insurance. It is important to have life insurance to help cover expenses for your family when you pass away. If you start early, you can have a lower premium and pay less each month. I like to pay for my life insurance once a year so that I do not owe anything each month. I have started early so I only have to pay a couple hundred dollars a year for me and my husband together. Knowing that we are covered gives me peace of mind if something were to happen to either of us.