Tag: auto insurance

When you need umbrella insurance

About ten years ago, my wife got into a car accident and the driver of the other car made a very large claim against us and our auto insurer. The claim amount initially exceeded the liability limit of our policy. We were notified by our insurer that we should consider hiring a lawyer to fight the amount of the claim above the policy limits. Ultimately, the claimant settled with our insurer for an amount within our liability amount, otherwise we would have needed to get directly involved legally.

After this unsettling incident, we decided to increase the protection of our assets with an umbrella insurance policy. Umbrella insurance provides an extra layer of protection on top of your existing insurance policies (like auto or home insurance). It helps cover costs if you’re sued and the damages exceed the limits of those other policies, protecting your assets.

If you are interested in learning when you may need an umbrella policy and how to determine coverage needs, please read on.

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How to lower your auto and home insurance premiums

Do you know how much your auto and/or home insurance premiums increased last year?

Insurance premium rates have been one of the fastest growing line items in most household budgets for years, far outpacing inflation for other expenses. In 2024 alone, the typical policyholder premium increased by:

  • 17% to more than $2,100 per year on average in the U.S. for auto insurance; and
  • 10% to more than $2,600 per year on average nationally for home insurance

These substantial increases, on top of other living expense increases, have squeezed family finances even tighter. In some cases, to the point where individuals and families have been forced to drop coverage altogether. Despite these growing costs, insuring your assets is critical to protecting yourself from potentially large financial losses, and in most cases are required to operate a motor vehicle and own a home.

While you may understand the importance of insurance for managing financial risks, you may not have realized there are ways to lower your premiums and potentially save a lot of money.

If you are interested in learning more about insurance costs and savings opportunities, as well as how to calculate the financial impacts of your buying decisions, please read on.

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