UPDATE: Insurance rates remain high across many states, but immediate action can help you lower your car and home insurance premiums. This morning, Ashley King from State Farm revealed crucial strategies for consumers looking to save money on their policies during an urgent segment on the Broadcast Retirement Network.
With car and home insurance rates on the rise through 2023 and into 2024, homeowners and drivers in North Carolina and beyond must be proactive. King emphasized the importance of reviewing your coverage, especially after recent natural disasters like hurricanes and floods that have impacted many areas.
“It’s vital to know what your policy covers,” King remarked. “For car insurance, comprehensive coverage typically includes damage from weather events, theft, or vandalism. However, flood damage requires a separate policy.” This distinction is critical for homeowners in flood-prone areas.
Timing is essential: King advises reviewing your coverages annually or after significant life changes to ensure you have adequate protection. This proactive approach can prevent unexpected financial burdens when disaster strikes. “The last thing you want is to discover gaps in your coverage when it’s too late,” she warned.
According to King, customers can benefit significantly from maintaining their coverage with a single insurer. “Bundling your home and auto insurance can maximize discounts, leading to substantial savings,” she explained. Additionally, adjusting your deductible to a higher amount may lower your monthly premium, provided you can comfortably cover that out-of-pocket expense if needed.
For those looking for immediate ways to save, State Farm’s Drive Safe and Save program offers potential discounts based on driving behavior. “Many drivers are saving over $200 every six months simply by becoming more aware of their driving habits,” King stated. This innovative approach tailors insurance rates to individual driving patterns, promoting safer driving and financial savings.
As insurance rates fluctuate, King confirmed that State Farm has recently implemented a rate decrease in North Carolina starting December 1, with another reduction expected by mid-July. This news comes as a relief to many policyholders facing rising costs.
“Insurance companies must get state approval to adjust rates, which involves detailed analyses and justifications,” King noted. Understanding this process can empower consumers to seek competitive rates while ensuring they receive the coverage they need.
Don’t wait! It’s time to take control of your insurance costs. Review your policies, explore bundling options, and consider participating in programs like Drive Safe and Save. By taking these steps, you can potentially lower your premiums significantly.
In a landscape where insurance costs are increasingly burdensome, knowledge and action are your best allies. Stay informed and proactive to ensure you’re not just covered, but also saving.
For further insights and tips on managing your insurance effectively, tune into the Broadcast Retirement Network or visit State Farm’s official website. Don’t miss out on opportunities to save money while ensuring your assets are protected.