Roxanne Langley ~ Money Coach

July 3, 2020

July Fireworks – Saving Money

Everyone loves saving money. Last week we talked about our Emergency Fund. But saving money in unexpected ways? Even better! As we celebrate our Independance this weekend I’m focusing on saving money this month. Become independant from debt and save.

You probably already know plenty of ways to cut back your expenses—everything from taking your lunch to work to buying beater cars. But here’s an easy one you might not have thought of yet. And it could save you a lot of money.

So what’s the secret sauce? Shopping for insurance with the help of an independent insurance agent. (Didn’t see that one coming, did you?) Earlier this year I refinanced my home and in the process learned my homeowners policy had the incorrect coverage. That’s not good! I now have a very sweet independent agent and she saved me money not only on my homeowners but also my auto policy. Yea for Michelle, now that’s good news!

The Difference Is in the Name

Why is an independent insurance agent such an easy money saver, you ask? It’s all in the word independent. They’re not limited to a single provider’s options. By having access to a whole network of insurers, an independent agent casts a wider net to find the best deals on the coverage that’s right for you. It’s like having your own personal shopper . . . but for insurance.

Something I learned about working with an independent agent as they don’t have a stake in the game when it comes to which provider or policy you choose. They don’t get paid extra for helping you choose a specific one. They present all the pros and cons of each — so at the end of the day, the choice is yours!

Old Policies Aren’t Necessarily Better

The only constant in life is change, right? We’e all experiencing that especially now. A lot of people treat their insurance policy like a bottle of wine that gets better with age. Spoiler alert: Insurance doesn’t work like that.

Never taking a second look at your insurance policy is a mistake that can cost you. A recent survey found that one out of three Americans with homeowner’s or car insurance have never shopped around for better coverage.  Ever! That means you could be missing out on new discounts that apply to where you’re currently at in life.

Did your teenage driver recently get good grades this semester? Did you get married recently? Did you move recently? Even moving within the city limits can affect your rates. Drive a different car these days? All of that might impact your insurance rates.

It’s About More Than Your Bottom Line

You also shouldn’t have to sacrifice your coverage quality to save a buck. Saving money is awesome. But cutting costs shouldn’t mean cutting corners. When you work with a true pro they will take the time to walk you through your coverage options so you make the decision that’s right for you. They should have the heart of a teacher.

If you’re confused about your coverage it can really cost you. Make sure you have the coverage YOU need. Things like floods (thank you Hurricane Harvey) was a wake up call for many of us differentiating between rising waters and flooding. No one wants to be surprised in the middle of a crisis when you’re trying to file a claim.

Start Saving Today

If you don’t have an independent insurance agent already lined up, I have a couple of awesome recommendations. Spend a morning making a couple of phone calls and do your coverage and price shopping. What would you do with an extra $450 or more to your name? That’s how much I saved! The possibilities are endless! So what are you waiting for?

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