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Five Insurance Mistakes to Avoid… And Still Save Money We are all concerned with saving money and it is important to shop around when looking for insurance coverage. However, simply reducing your coverage or dropping important coverages altogether can leave you dangerously underinsured in the event of a disaster.   Following are the five biggest auto, home, flood and renters insurance mistakes consumers can make, along with suggestions to avert those pitfalls while still saving money:   1. Insuring a home for its real estate value rather than for the cost of rebuilding . When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home. But insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings.   A better way to save : Raise your deductible. An increase from $500 t...

How Can I Save Money On Auto Insurance? The price you pay for your auto insurance can vary by hundreds of dollars, depending what type of car you have and the insurance company you buy your policy from. Here are some ways to save money. 1. Shop Around Prices vary from company to company, so it pays to shop around. Get at least three price quotes. You can call companies directly or access information on the Internet. Your state insurance department may also provide comparisons of prices charged by major insurers. (State insurance department phone numbers and Web sites can be found on the back cover.) You buy insurance to protect you financially and provide peace of mind. It’s important to pick a company that is financially stable. Check the financial health of insurance companies with rating companies such as A.M. Best ( www.ambest.com ) and Standard & Poor’s ( www.standardandpoors.com/ratings ) and consult consumer magazines. Get quotes from different types of insura...