Insurance

This is probably the best post I will put up. Unfortunately, I could not put up a file. So, if you want the spreadsheet, I will need to email it to you. Email me or leave a comment.

In 2008 I finally decided to review my insurance. I suspected I could save money.

My reference was the book Insurance for Dummies. I recommend it even though he pushes a lot of insurance. I also referred to several websites such as the Texas state insurance site, moneycentral.com, bankrate.com etc.

There are two reasons to do an exhaustive review of insurance
1) To save money. I was not disappointed. I am saving $1500/year for about my admittedly time consuming effort of maybe 40 hours?
2) To plug your holes. I was shocked at what insurance does not cover.
You really need to read for yourself, but here are a couple of eyeopeners.
a) Business and personal are totally separate. If you have a home business you are not covered by homeowners. Don't let your customer slip and fall!
b) Your personal insurance probably covers a rental car, unless you dropped collison and comprehensive on your insured car.

Highlights:
1) I upped my liability from dangerous to OK. $300,000 liability is a lower limit
2) I raised my deductibles for significant cost savings. You don't want to report small claims anyway.
3) The variation between companies for same coverage is large. Shop around.
4) I went with with Amica for both Home and Auto saving $1500 a year over previous State Farm coverage. Notes: You have to pay new Homeowners insurance before getting money back from old and, with escrow, your mortgage payment does not reset until next year.

My dad wants to do this, so I tidied up the spreadsheet for him and he gets the book. Get with me if you want the spreadsheet.