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1. Understand Your Coverage

• Review Your Policies: Regularly assess your coverage to ensure it aligns with your current needs. Over-insurance can lead to unnecessarily high premiums, while under-insurance can leave you vulnerable.
• Know Your Policy Details: Understanding the specifics of your policy can help you identify areas where you might be able to adjust coverage levels without impacting essential protections.

2. Increase Your Deductibles

• Evaluate Your Financial Situation: A higher deductible typically leads to lower premiums. If you can afford a higher out-of-pocket expense in the event of a claim, consider adjusting your deductible accordingly.

3. Shop Around

• Compare Providers: Insurance rates vary by provider. Use tools like Covered to compare quotes and find the best rate for the coverage you need.
• Consider Bundling: Many insurers offer discounts for bundling multiple policies, such as home and auto insurance. Evaluate the total cost to ensure you’re getting the best deal.

4. Take Advantage of Discounts

• Ask About Discounts: Insurers offer various discounts for behaviors and characteristics that indicate lower risk, such as a clean driving record, security systems, and smoke detectors in your home.
• Stay Informed: New discounts or changes in your eligibility can arise, so it’s beneficial to regularly inquire about available discounts with your insurer.

5. Maintain a Good Credit Score

• Credit and Premiums: Many insurers use credit information to price policies. Maintaining a good credit score can positively influence your insurance rates.
• Monitor Your Credit: Regularly checking your credit report for accuracy and improving your credit score can lead to lower premiums.

6. Consider Insurance-Friendly Investments

• Safety Features: Investing in safety features for your home or car can reduce the likelihood of claims and may qualify you for insurance discounts.
• Risk Reduction: Any steps you can take to reduce your risk, from attending a defensive driving course to installing a security system, can potentially lower your premiums.

7. Review Annually

• Annual Check-ups: Your insurance needs can change from year to year. An annual review of your coverage and premiums can ensure you’re still getting the best value.

Partnering with and Covered

First Federal customers benefit from access to tools like Covered, which simplifies the comparison of insurance rates and coverages.^[1] These resources empower you to make informed decisions about your insurance, ensuring you’re getting the coverage you need at a price that fits your budget.

Cutting costs on your insurance premiums doesn’t mean you have to cut corners on coverage. With the right approach and resources, you can ensure your insurance policies provide the protection you need at a cost you can afford. Through First Federal and Covered, navigating the complexities of insurance and finding ways to save becomes a straightforward and rewarding process.