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Changes from pandemic could translate to savings on insurance policies

Posted at 12:37 PM, Dec 14, 2020
and last updated 2020-12-14 15:37:44-05

This year has brought a lot of changes for everyone and there could be a chance that those changes could translate to savings on your insurance policies.

Bankrate is encouraging people with home and car insurance to take a fresh look at their policies.

“You could save anywhere from a few dollars to a few hundred dollars, but it is going to depend on location, it is going to depend on your lifestyle, and how it has changed vs the past. So, it is worth comparing and really kicking the tires on various insurance policies from different companies,” said Stephen Kates, Insurance Analyst at Bankrate.

There are several lifestyle changes that could have happened this year.

Many people took on home improvement projects during this pandemic. Some of those may have included adding safety features to our home, which can help save money on home insurance.

A lot of Americans are also driving a lot less now, which can help with car insurance.

“If you're working from home, like a lot of us, you're probably driving significantly less than you used to and that's something you can bring up to your insurance carrier because that can significantly reduce the amount you pay for your premium,” said Kates.

Insurance policies haven't necessarily changed, but the way insurance companies look at lifestyle changes may have changed, so it's worth checking in on your policies. Experts at Bankrate suggest doing so at least once a year.