What First-Time Buyers Should Know About Insurance
Adulthood requires juggling many tasks, such as appointments, taxes, loans, and other bills. While all adults should have insurance, many millennials opt-out of getting coverage. Though typically seen as an investment, millennials would do well to view it as what it is: a security net. This is especially true for homeowners. Read on to learn some important tips all millennials should consider when purchasing a policy.
First, millennials should know to shop around. In the hunt for the best rates, it’s essential that you research all potential insurers. Look for carriers that offer inclusive policies that appeal to your current situation. Remember, while you should keep the price in mind when shopping for the right policy, a lower price tag may not provide the most coverage. Be willing to explore different options.
Although you might not assume that you can haggle for coverage, the truth is there are ways to shop for better discounts. Most millennials believe they have to accept the first quote and don’t know how to ask for a discounted price. While you’ll need to find coverage that fits into your budget, there are many effective ways to save. Start searching for discounts by asking your agent if they have any deals or available discounts. In most situations, carriers offer discounts for customers paying their policy in full, students attending university, drivers staying accident-free, and similar scenarios.
In addition to reducing costs based on your carrier’s practices, you can save more money by bundling policies. For example, many carriers offer discounts to clients that purchase multiple policies through the same carrier. So search for discounts and find ways to save.
In the market for a home? As you shop for your next place of residence, don’t forget to factor in the cost of home insurance. Many people make the mistake of budgeting for the costs of the home without considering the fact that they need to get insurance as well. By purchasing homeowner’s insurance, you’ll be able to protect your home and belongings from acts of nature, theft, and similar damage. This will help you avoid losing money on damages caused by natural events to your house or losing everything due to a burglary.
Life & Disability Insurance
While many millennials don’t have a life insurance policy, you’re never too young or old to have one. This coverage helps family members cover costs in the event of your unexpected death. Likewise, they can support the education expenses of your dependents if you have children. A Disability policy is important as well. This type of coverage will supplement your living expenses should you become disabled.
Signing up for insurance is an important step for all millennials to consider. Keep this information in mind as you select the best carrier.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan