The Coronavirus has changed the way most of us spend our time day to day. Many households are dealing with lost income during this difficult time. And many people who are working now do so from home, in many cases having to balance work activities with managing children and/or aging family members. If you are like most of the people we talk with, you are also looking for places where you can save money.
So where can we save? Well, entertainment expenses should be less than normal—we can’t really go anywhere or do anything, besides watching Netflix and doing puzzles. Maybe now is a good time to look at utility bills—are you getting the best deal you can from your electricity provider? And surely your car expenses are down, that’s good news, right?
Those are the easy ones. An area you may not have considered is savings you should be getting from your home and auto insurance provider. I’m not talking about just shopping for cheaper quotes—those cheap quotes usually come with a coverage surprise (like, “what do you mean my policy doesn’t pay for water damage!?”). I AM talking about making sure your insurance is properly aligned to your current needs. Assuming you have good insurance now, think about this:
- Most auto insurers are now giving back 15-20% of your premium in the months of April and May. Why? Because people aren’t driving as much, and it’s the right thing to do. And you don’t even have to ask for it—they’re simply giving it back!
- If you are a homeowner … have you had your roof replaced in the last year or two? And if so, did your premium go down when you got it replaced? A new roof can save you as much as 20% on your premium.
- Maybe you (or someone you know) owns a business with company vehicles … are you still using all of the vehicles on your policy? If not—maybe you should park vehicles you don’t need for now, and switch the coverage on those vehicles to comp-only, which can significantly reduce the monthly insurance cost.
A good agent will have ideas for you—don’t be afraid to call and talk with him or her.
We care about our community. We are inspired by the heart-warming stories of the front-line people combating the pandemic, putting themselves in personal physical danger to help others. The front-line people include doctors and nurses, paramedics, people in the supply chain helping keep supplies stocked. Businesses need to step up too—we need to do what we can to help, and helping our customers save unnecessary costs during times of crisis is what caring is all about. Our contribution may not be huge, but in these times, every little bit helps.