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How many young adults, or not so young for that matter, don’t think about insurance until there’s a real need for the coverage?

Most young adults need only three types of insurance coverage: health, renters and auto.

Life insurance typically isn’t necessary unless you have financial dependents. Your insurance needs change as you grow older. Owning a business, getting married, having children, finding a new job are all exciting life events that call for a fresh look at insurance coverage.

When I was 25 and living in an apartment, an electrical fire caused tremendous damage. Thankfully, no one was hurt, but the smoke and water damage amounted to tens of thousands of dollars. I had renter’s insurance and only suffered a fair amount of inconvenience. My neighbor didn’t have renter’s insurance and lost almost all of her clothes and belongings. Needless to say, I was extremely happy that I purchased renter’s insurance.

Before you purchase insurance of any type, follow these money saving tips:

  1. Consider remaining as a dependent on your parent’s medical policy. The Patient Protection and Affordable Care Act allows young adults to age 26 to stay on their parent’s plans even if they don’t live with them, are financially independent, married, or eligible to enroll in an employer’s plan.
  2. If you can’t get health insurance through your employer, investigate purchasing through a group, such as an alumni association or trade organization.
  3. Raise your deductibles. Insurance should cover catastrophic events, not small expenditures. A minor fender bender may cost more, but you’ll save on the premium.
  4. Choose your vehicle with the cost to operate in mind. Some vehicles are far more expensive to service and to insure than others. Find out how much insurance will cost before buying a car.
  5. Call multiple insurance agents. Carriers often charge vastly different premiums for the same coverage. Many agents only represent one carrier so call at least one brokerage, such as Day Air Insurance, who represents many different carriers. Comparison shopping will save you $$$.

William J. Burke | President & CEO