Most of us are familiar with the typical things our insurance providers cover but if you have not read your policy closely you may be missing some money saving perks and services. What these benefits are depends on the type of insurance policy you have.
Homeowners
Legal fees
If you are sued by someone who is injured in your home or sued for libel, slander or defamation your homeowner’s liability coverage may pay for court costs and attorney fees.
Dorm room theft
Many policies cover theft when a college student is away from home. Rules vary by insurer. Most specify that the student is living on campus and enrolled in full-time education.
Theft from your vehicle
Often it is the homeowner policy, not car insurance that pays for theft of items from your vehicle.
Items in storage
Many policies cover items in a storage locker or storage unit away from your home. The coverage can include loss due to theft or damage.
Dog and cat bites
If your pet bites or injures someone in your home most insurance companies compensate for legal fees and medical bills. Dog bites account for a large number of liability claims.
Landscaping
You may be eligible for replacement costs for damage to lawns, shrubs, trees and other plants.
Lodging costs
If your home is damaged by fire, flood or some other disaster and you are unable to live in your home your policy may cover lodging and food costs while your home is being rebuilt or repaired.
Identity theft
Your policy may cover things like legal fees and lost wages due to identity theft.
How to save on insurance costs
There are also steps you can take to save money on your premiums.
Bundle
You can often save a great deal by bundling your services with the same provider. Compare prices and shop around.
Home security
Many insurance companies offer discounts if you install a home security system. Other security services that may qualify are smoke and carbon monoxide detectors, ring doorbells, sprinkler systems and smart locks and deadbolts.
Natural disaster prevention
You might receive a discount If you make improvements to your home such as roof reinforcement, storm shutters, updating plumbing and electrical services to make your home safer and less prone to damage, installing wind and hurricane-rated doors, windows and garage doors.
Be careful filing claims
If you file too many claims with your insurer, they can categorize you as high risk. This can raise your premiums. If you can afford to pay for something that happens instead of filing a claim it may be wise to do so.
Maintain a good credit score
You can lower the cost of your insurance policy payments by maintaining a good credit score. A credit check is required by most providers.
Pay in full
You can often receive a discount if you pay your bill in full instead of making monthly payments.
Review your policy each year
Look over your policy and note any changes. You may not own the same items you did a year ago so your coverage for valuable items in your home may have changed. Or if you made any home improvements or other modifications you want to make your insurance company aware of the changes to ensure you are receiving the coverage you need.
Discounts for seniors
You might receive a discount if you are 55 or older. Insurance companies may offer this discount just because they offer a senior discount, but others take into consideration that a senior may be retired and spending more time at home which can make them quicker to react to theft, fire and water damage and other problems in the home.
Long-time customer
Some providers offer a discount if you are a long-time customer.
Auto
Pet injuries
If your pet is with you and injured in an auto accident some policies cover veterinary care.
Wage loss
If you are injured in an accident and your injuries prevent you from working your insurance may cover partial or full wage loss for a set amount of time.
Uninsured motorist coverage
If your policy includes uninsured motorist coverage and you are in an accident and the other driver does not have insurance your provider will cover the loss.
Roadside assistance
This often includes tow costs, unlocking your vehicle, providing emergency fuel if you run out of gas, flat tire service and jump starting a battery.
Car rental fees
If you are involved in an accident and your vehicle is in the repair shop car rental coverage may be included.
Animal damage
Believe it or not rodent damage is a frequent problem. Rodents can chew through wires and cause damage to upholstery.
Most comprehensive plans cover animal accidents such as hitting a deer or other animal.
Vandalism
Damage caused by vandals which requires repairs or cleaning and detailing.
How to lower your costs
Shop around
Compare prices with different companies. This is very easy to do online.
Ask about all available discounts
Some discounts that may be offered are multi-car policy discounts, good credit score discounts, owning a car with anti-theft features, reduced driving time, driver-monitored savings, safe driver record and automatic payments. Check with your provider to see what they offer.
Raise your deductible
If you can afford to pay a higher deductible when filing a claim raising your deductible can save you money.
Consider the type of vehicle you drive
Some vehicles are more expensive to insure than others.
The insurance company takes into consideration how safe a vehicle is and how costly it is to repair. Sports cars, high end luxury cars, electric vehicles and cars that are often targeted by thieves are generally more expensive to insure.
Health Insurance
Most health insurance companies now offer free or low-cost preventative care services. These can include:
Well-child and well-baby care. Most health insurance plans provide breastfeeding equipment at no cost. Formula can cost $1,500 a year or more. Breast feeding equipment can cost hundreds of dollars. Pediatrician visits, vision and hearing screening, developmental evaluations, immunizations are some of the other services that may be offered.
Well-woman visits such as breast and cervical cancer screening and yearly exams
Cancer screening
Cholesterol testing
High blood pressure screening
Diabetes testing
Alcohol and smoking cessation programs and tools
Weight control services and tools
When it comes to weight control some insurance companies now cover weight loss medications and BMI screening. Some may cover services like NutriSystem, Weight Watchers and Jenny Craig. Nutritional counseling and gym memberships are also services that may be covered.
Customers may also receive incentives if they engage in regular physical activity. Employer sponsored wellness programs may now provide free or discounted wearable fitness trackers. The provider will use that data collected to reward you with cash back, gift cards, discounts, lower premiums, and other incentives. You may also receive discounts on health premiums if you answer questions about your health or get a physical examination. Other incentives may be offered as well through your employer. Check with them to see what is available.
Most insurance companies offer alcohol and substance abuse treatment and counseling. Each provider is different in what they cover. Check with your insurance company to find out what they cover and what your out-of-pocket expense may be.
The Tech Minimalist 