Saving Forward: The Right Insurance at the Best Price

Saving Forward: The Right Insurance at the Best PriceEven when you're just starting out, it's important to have some key types of insurance to protect yourself and your finances. Here's how to get the right coverage at the best price.

Car insurance. Your state requires you to keep at least a minimum amount of liability coverage, but it doesn't cost much to increase those limits and protect yourself from costly lawsuits. You can save money by shopping around for coverage every few years, increasing your deductibles, and getting credit for all of the discounts you deserve.

Renters' insurance. Even if you don't own a home, it can be expensive to replace all of your possessions if anything happens to your apartment. Coverage can cost about $250 per year for $20,000 or more in contents coverage and $100,000 or more in liability coverage. You also could get a multi-policy discount if you buy a renters' policy from your auto insurer.

Life insurance. You usually only need life insurance if someone is depending on you financially. If you are married or have kids, find out if you have some coverage through work and whether you need to buy additional life insurance to help your family cover their expenses without your income. You can buy a policy that locks in a level premium for 20 years or more.


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