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re you paying for coverage you don't need? We're happy to explain how to save money now and in the long run by insuring your property wisely – things other companies won't tell you.

Remember, insurance is supposed to protect you from financial disaster, not every little bump in life. If you pay a high premium for low deductibles and make a lot of small claims, then you are almost certainly throwing money away.

Should you pay for collision coverage on your automobile? What about towing and roadside service? If you have a credit card or belong to an auto club, you may be paying for double coverage.

Renting a car? Do you really need their extra insurance riders? Your regular auto policy may already cover you while driving a rented car. Also, many credit cards offer protection for the deductible when you use their card for the rental. Look into this with your card issuer. Then consider the annualized premium ($9.95 per day times 365 days equals $3,631.75) for the limited extra coverage and you will quickly realize that the only thing being protected is the bottom line of the rental company. Check with your agent and card issuer to find out what coverage you might have that you're not even aware of.

The same thing goes for extended warranties. Sure, if one particular item gets replaced under the extended warranty, it is worth it. But consider the number of TV's, VCR's, DVD's, computers, cameras, kitchen appliances, stereos, and other gadgets you will buy during your lifetime that won't break down, and all the premiums you would have paid for the extended warranties. You can invest that money instead and have lots of cash left over to buy the next plasma TV or whatever strikes your fancy.

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Did you know...?

Lloyds of London, the world's most famous insurance house, is not an insurance company but a market where underwriters bid competitively for insurance contracts. Lloyds started as a coffee room where underwriters would gather to socialize, but grew quickly when shippers began coming there to find insurance for their cargo.

 

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