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For example, many tenants do not own renters insurance that covers loss of personal property (no, no homeowner's insurance covers it). Renter's insurance is very affordable, however, how many times you read about people who lose everything in an apartment fire and have no insurance?
Buy the insurance you need. Browse carefully their insurance needs with your financial advisor. Car, home and health insurance are probably obvious. But do you have disability insurance in case lost income due to illness or injury? Many financial planners recommend clients buy insurance for long-term care later than their last 50s or early 60s to cover the high cost of potential long-term care. Do you have liability coverage beyond standard auto and home insurance if they are sued?
Mind the gaps. People with multiple properties in several states, for example, often use insurance agents multiple of its property and casualty coverage, and can easily end up with expensive duplicated coverage – or worse, without any coverage for any property, as it happened overlooked or policy maturity. You may need "riders" or "floating" to provide additional coverage for things such as jewelry or antiques whose value is limited under the standard policy.
And do not buy what you do not need. You probably need life insurance, but not necessarily. Life insurance generally is for people whose death will have a significant financial impact on others – a spouse, children, dependent parents, the heirs who could face a strong property tax bill. You may not need that if you are young and single. And as you age, you may need coverage only for a limited time or for a lesser amount.
Also, probably not necessary to spend pounds on insurance for flights, pets, specific diseases, loans and car rentals. Buy the amount of insurance. While people sometimes buy too much of a particular insurance, more often than not have enough sure.
A good example of this is common is life insurance. People often base their decision on premium costs, not what death benefits they need. The best approach is to first calculate how much money you have to replace the loss of future revenue requirements for dependents. Then look at insurance options. Some people might be able to afford to purchase the death benefits through an appropriate policy of life, which has an investment component. But many others would be better to spend their pounds Insurance Term Life Limited, which has no investment component and allows you to buy more death benefit coverage for every pound of premiums.
Shop around. Costs vary significantly among carriers, so carefully as to compare the coverage and features. But do not buy on price. You want a company that is financially sound, so it's there if you need the benefits.
Consider The possibility of multiple policies with one company. You can often get a better deal buying multiple policies through a single company, such as car, home, and accountability. But not all carriers are strong in all lines. It may be good for the Property and casualty but not life and health, so make sure the savings are worth it.
Help yourself. Staying healthy, putting smoke alarms and security systems at home, and have good driving record can keep premiums down.
Increase deductibles and avoid small claims amount. Choosing larger deductibles to reduce the cost of premiums (self-insure the deductible through an emergency fund). They also reduce small claims, that have become a sore spot in insurance because companies are increasingly raising premiums or even dropping customers that multiple small claims (and large) do.
George McGonigal
Northern Ireland Insurance Center
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