Insurance costs are rising across the board, with homeowners and auto premiums seeing significant increases. Going without insurance isn't an option since it's illegal to drive without it in most states and mortgage lenders require homeowners insurance. One effective way to counteract these rising costs is by bundling different types of insurance policies. For instance, bundling home and auto insurance can save consumers around 5%, according to Progressive. This not only reduces costs but also simplifies the process by having just one point of contact for both insurance needs. Renters can also benefit from bundling by combining renters and auto insurance. Additionally, exploring discounts, shopping around for the best rates, considering telematics for auto insurance, and improving credit scores are all strategies that can further help reduce insurance expenses. By being proactive and exploring various options, consumers can better manage their insurance costs despite the overall rise in premiums.
Read the full article here.