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Tips on Buying Insurance

By Ben Steverman - 2011-09-14T20:16:16Z


Company Symbol % Change
Berkshire Hathaway Inc BRK/A:US -1.98
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Raise Your Deductible

"Raising your deductible is the best way to keep your premiums down," says Amy Bach, executive director of United Policyholders, a policyholder advocacy group. Even if you can afford the expensive premiums of a low-deductible policy, it should ultimately cost less to choose a high-deductible policy and create a bank account to insure your own small losses. Insurance should be for "catastrophic losses," says Rutgers University law professor Jay Feinman. For anything less, "it often makes sense to absorb those yourself."