By following the eight rules explained here, you can save money, and just as important, you can save yourself from making serious mistakes when you shop for and acquire insurance policies.
Rule 1: Buy Insurance Only for Financial Risks You Cant Afford to Bear on Your Own
The purpose of insurance is to cover catastrophes that would devastate you or your family. Dont treat insurance as a chance to cover all your losses no matter how small or insignificant, because if you do youll fritter away money on insurance you really dont need. For example, if your house caught fire and burned down, you would be glad you had homeowners insurance. Homeowners insurance is worth having, because you likely cantand you certainly dont want tocover the cost of rebuilding a house. On the other hand, insuring an old clunker is a waste of money if the car is only worth $800. You would be throwing away money for something you could cover yourself if you had to.
Rule 2: Buy from Insurers Rated A or Better by A.M. Best
Insurance companies go bust, they are bought and sold, and they suffer the same economic travails that all companies do. Between 1989 and 1993,...
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