Lesson 7: Save Money on Insurance
Save some money on auto, homeowners, and life insurance. How? Call your carriers and ask if you're getting all the discounts (for safety precautions, proximity to water and fire stations, good driving records, etc.) to which you're entitled. Take their best quotes; then shop three other carriers. If your health has improved—maybe you've quit smoking or lost weight—use that as a rationale to buy a new term-life insurance policy (you could save thousands). Use the money you save to buy insurance that you need—renters, disability, more life insurance—but aren't buying now.

Do it, say this, and sound smart: "What do you mean you don't have renters (or life, or disability insurance)? I'd never take that kind of a risk."
Reprinted from Make Money, Not Excuses by Jean Chatzky with permission from Crown Business, a division of Random House, Inc. Copyright © 2006 by Jean Chatzky.
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.


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