Don't Waste Your Money on Insurance! Here's How to Save

Hey there, everyone, welcome back to We're Talking Money. I'm Phil Clark, founder and wealth adviser here at OmniStar Financial Group, and today we're tackling one of the most overlooked aspects of personal finance. It's your property and casualty insurance: the right home and auto and other coverages that you probably haven't reviewed in years. Ignoring this could be costing you thousands every year. So stick around, because I'm going to share some insider tips that will help you elevate your coverage, find some savings and avoid common pitfalls that we see every day.

So let me ask you something. When was the last time you took a hard look at your property and casualty insurance? If your answer is "I can't remember," you're not alone. Most people set it and forget it, and they assume they're getting the best deal. After all, their buddy is their insurance agent.

Here's the truth: the insurance market changes constantly. Discounts, rate increases, all kinds of things. The new discounts, better rates and updated policies, those could be available to you, but you'll never know unless you take action. You could be overpaying, or worse, you could be underinsured.

So what's the solution? Well, the first step: just stop procrastinating, take action. You can schedule an insurance checkup at least once a year, and do it with someone who's not your current agent. Think of it as a financial health exam for your peace of mind and maybe a strengthener for your wallet.

So at OmniStar, we encourage all of our clients to shop around for their insurance. Not necessarily every year, but it should be done at least every few years. Here's why. Rates change. Insurance carriers of all types, whether it's home and car, jewelry insurance, special type coverages, they adjust their premiums based on factors like market conditions, competition, claims history. Shopping around no doubt can reveal a much better opportunity.

Next, it's discounts and bundling. If you've heard commercials that talk about bundling discounts, but it's true, you've got to ask yourself the question: are you taking advantage of all the perks that you might be qualified to get?

Next, it's coverage gaps. Did you upgrade your home? Have you bought a new car? Maybe you started a side hustle, you're making more money. If your policies don't reflect the changes in your life, you could be exposing yourself to a lot of risk and you don't even know it.

So what is our role in all of this? We're a wealth advisory firm. We don't sell insurance. Our role is to guide our clients through the process. We connect you with trusted resources, people that can help you understand your coverage. They can ensure that your policies align with your financial goals, and you never overlook the things that you really need to be educated on so that you can make a better decision.

So when it comes to planning and making the most of your money, you have to look at the big picture, not just investments or retirement planning. Yes, those things are important, but you have to look at the other things that could derail your financial progress. One of those, it's insurance oversight.

Here's what you need to do, with us or with another adviser or simply on your own. First, analyze your coverage. Basically, you want to understand your policies and you want to figure out if you have any gaps.

Next, you want to get a second opinion. And if you don't know who to call, we can connect you with reputable agents, people that we work with who specialize in property and casualty insurance, particularly an independent agent, someone who can shop the market to customize the right solutions for you at the best price.

And then you need the right guidance. So being educated is key when it comes to insurance coverage. You got to know what to look for, you need to understand what to ask and when to ask. You also need to know how to protect your assets without overspending. If you don't take action and you simply assume, you're probably leaving a lot of money on the table, and you might be shortchanging yourself when it comes to having the right coverage to offset the risk.

So let me leave you with this. Managing your property and casualty insurance, it is not a one-and-done task. It should be an ongoing part of your financial health. Pull out your old policies or your current policies, read them, and then schedule an insurance checkup, preferably with an independent agent, not the people that you're buying from today. And if you want a wealth management team that looks out for all aspects of your financial well-being, maybe we should connect, and we can help you with the property and casualty at the same time.

Now, if you found this video helpful, I hope you'll hit that like button, subscribe to We're Talking Money and turn on those notifications so you never miss an episode that's always aimed at helping you make better financial decisions. And drop a comment in our comment section. Let me know what you're doing to save money, how you're shopping for insurance and what you've learned when you were shopping. I'll see you next time on We're Talking Money.