Business and economic information you need to know
Oct 16, 2008 7:07 pm US/Eastern
Cutting Corners: Save Money On Insurance
MIAMI (CBS4) ―
The CBS4 Your Money team is doing everything they can to help you cut corners and get more for your buck. Now, everybody has the chance to save some money when it comes to home and auto insurance.
Myrna Bustamantee is getting supplies to renovate her home to take on a renter. That money will help with the mortgage, a good portion of which goes to pay her homeowner's insurance.
"Insurance and taxes… it goes up an extra $500 a month. It kills me, but you got to pay it," Bustamantee said.
Florida homeowners pay some of the highest homeowner insurance rates in the country, because of the state's geographic location. Insurance expert and attorney Russel Lazega says knowing what to ask your agent, and knowing where to look, could save you hundreds or even thousands of dollars.
For example, installing an alarm system, adding impact windows and doors, increasing your deductible or even just getting regular pest control service can lower your premiums.
Condominium owners can save $2-$5 thousand a year on flood insurance. "Very often, the association has the coverage, and you don't need it," Lazega reminded owners.
There are also discounts for loyalty and bundling your coverage to include automobile and other possessions with one company.
When it comes to car insurance, Florida drivers pay an average of $1,200 to $1,800 a year. Add teenage drivers to the mix, and the cost can more than double.
Lazega suggests shopping around, and avoid duplication when it comes to medical payment insurance. "If you do have health insurance for you and your family, then you're paying double if you have medical payments coverage."
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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