How to Save Money on Insurance—the Right Way

Too often, people try to cut their insurance costs by dropping coverage. While this may seem like an obvious solution, it can end up costing you more in the event of a claim.

The following are some tips to help maintain your financial security following a covered incident.

Raise Your Deductible

Instead of reducing insurance coverage, consider increasing your deductible. This is the amount you agree to pay in the event of a claim. You can reduce your premium payments by choosing a higher amount that’s still affordable. This can lower your monthly rate without limiting the financial protection you’d receive after an incident.

Keep Your Home Policy Updated

It’s important to keep your homeowner’s insurance current, especially if you make any changes to the property. Your coverage limits should be enough to rebuild your home under current market conditions. Even if the price of your home has gone down, the cost of materials, labor and other factors may have gone up. If you don’t update your insurance accordingly, you may not have enough coverage to rebuild, potentially costing you thousands out of pocket. Your M.L. Ruberton Agencyy representative can help assess your property and recommend coverage levels.

Consider More Auto Coverage Than What the Law Requires

Most states, including New Jersey, generally require drivers to carry minimum levels of auto liability insurance. Minimum coverage is primarily there to help cover damage you cause to others in a car accident. Critically, liability coverage does not help cover your own car’s damages. Opting for just the minimum could leave you responsible for significant costs if your car needs repairs after an incident.

Work With an Independent Broker

Independent brokers, such as those at M.L. Ruberton Agency, prioritize you over the insurance company. We can help you secure deals and find coverage that suits your unique needs without breaking the bank.

Contact us today to see why we’re the trusted choice for insurance in New Jersey.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.