How do I keep my insurance costs down as a single parent?
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UPDATED: Jul 16, 2021
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You should sit down with your agent and review either your homeowners or renters insurance policy to see if there are any credits that you are eligible for, but are currently not being included. If you have an alarm system you can save from 5% to 15%. Many companies give some great discounts if they write both your home and auto insurance policies, and some offer discounts for single parents. If you have your insurance split up between multiple companies, you should get a quote from each company to see who offers the best discounts for having both with one company. You might also ask friends about their insurance companies.
Another way to reduce your costs is to increase your deductible. Insurance is intended to protect you from a large financial loss, not a small nuisance or maintenance type claim. Higher deductibles can offer some great credits on the premium. Also, by having a higher deductible you are not as exposed to having multiple losses which could increase your premiums or cause you to lose your insurance entirely. However, you don’t want to make the deductible so high that you are financially stressed if there is a loss.