Come September 2012, this is due to change a little thanks to the Affordable Care Act – that’s the Obamacare law the GOP love to hate and we consumers should be learning to love. Look at any website or blog that talks about health insurance and you will always see the advice to shop around. Compare and contrast are the key words. Except the language the insurers use makes this quite difficult. New regulations published by the Department of Health and Human Services will require corporations selling health cover to describe their plans in language we can all understand. There must be clear summary statements about what each plan does and does not cover, what exceptions or limitations will apply when it comes to getting treatment, and more precisely how much it will cost. Not surprisingly, the insurers are distressed because this will mean rewriting all their marketing material so that ordinary people can compare one plan with another. Announcing these new rules, Kathleen Sebelius hoped we consumers would see an immediate benefit. Well, hope springs eternal and the marketing people are no doubt working away to craft new words that will say as little as possible.

To make it easier to enforce the rules, each insurer must produce a Summary of Benefits and Coverage (SBC) for each plan. This must be backed up by a glossary of definitions so that all the complicated words the insurers like to use are explained. This must be easily understood by everyone including those who do not have English as their first language. So when you are thinking about buying or coming up to renewal, you must be given an SBC as a standardized comparison tool. Think when you go into a store to shop for food, there are standard labels on the packaging giving you Nutrition Facts. The same will apply to health plans with the insurer required to give you details of the treatment options for basic situations, e.g. managing a chronic condition like diabetes, having a baby, and so on. So, as from September, it should be easier to shop around for an individual health insurance plan. If you receive old material that’s hard to understand, complain to your local Insurance Commissioner. If we all stand together, we will get better information with our health insurance quotes and renewal notices.

Make Home Safer

Not all homes have home security systems. You can lower your insurance costs by installing a home alarm. Having dead bolt locks on doors leading into your home is another security measure. Verify you have enough smoke and carbon monoxide detectors for the size of your home. Check them regularly to make sure they are operating properly. If you have a multi-level home, a fire extinguisher on each floor is a good idea. Incorporating some or all of these into your safety plan may qualify you for a home security discount which will save you money.

Perform Ongoing Maintenance

You should schedule regular maintenance on your home even if you perform the tasks yourself. It is important you maintain your home’s good condition. Let your insurance company know if you replace your roof or install a new electrical system. Each of these updates can lead to insurance discounts. But do not expect the discount to be enough to cover your upgrade costs.

Review Current Coverage

If you have lived in your home for awhile, you may be paying for coverage you no longer need. Take the time to review your policy to see if you have the appropriate coverage for your current structure. This is particularly essential in an economy that has seen property values drop. You can calculate an estimate of the amount of home insurance you should have on your home at any given time. Find out what the current cost per square foot for new construction is and multiply that by the amount of square footage in your home.

Consolidate Policies

Ask your insurance agent about discounts for multiple policies if you have car insurance through them as well. You can save over 25% if you consolidate your policies with one provider. Contact other providers including online home insurance companies to see what kind of deals you can get from them before settling with your current provider.

Take your Cover with the Same Provider

You may become eligible for loyalty discounts the longer you are a customer with the same insurance company. The exact amount of time required to qualify for this cost reduction depends on each individual provider. And it is possible to receive this discount multiple times.

Increase the Deductible on your Insurance Policy

It is always a good idea to have a higher deductible as long as you can afford it. Your insurance provider will reward you with lower rates and even better coverage. Invest the money you save back into your home. You can pay for small upgrades or beautification projects.

Minimize Claims

It is not necessary for homeowners to submit claims for everything that is covered by their home insurance policy. You can decide to take care of the costs for minor damage. The longer you go without filing a claim, the greater your discount for having a record free of claims. This particular discount can exceed 10% and is repeatable. Insurance companies are willing to reward homeowners who save them money.

Pay Off Your Mortgage

Even after you pay off your mortgage, you should retain insurance on your home. Since it is likely you will retain your policy, your insurance company may offer a discount for having no mortgage but it will be a small one. This type of discount rarely exceeds 5%.

Have a Smoke-Free Home

You may wonder why you are asked about your smoking habits when you apply a for home insurance policy. The reason is that insurance companies reward non-smokers with a discount that can reach 15%. Smoking in or near the home is dangerous. Accidental fires can start and cause significant if not total damage to homes. Also, the interior of the home can be stained and damaged through smoking, which can lead to a drop in the value.

Following the 9/11 attack, President Bush pushed through the Terrorism Risk Insurance Act. This puts federal money on the line until 2014. By this time, the private insurance industry is supposed to come up with a proper framework to support the risk of loss and damage caused by terrorists anywhere within our borders. Until then, the Treasury acts as a reinsurer and, if the Secretary of the Treasury certifies losses caused by terrorism, it pays 90c in the dollar of every claim approved by private insurers. And, just so you understand the value of this back-up, no commercial insurance company can refuse to insure a business against terrorist risks. It’s your right to be covered at an affordable rate. Should an insurance company refuse, you can make a formal complaint and the company will face a fine.

Why should you consider this? You may have noticed that things are not going so well in Afghanistan. Some of our soldiers have failed to live up to our high expectations of honor. There has been a public burning of the Koran. A soldier recently decided to kill a few local Afghans for fun. This does nothing to improve America’s reputation with the Moslem world and everything to encourage extreme groups to retaliate. So far, they have aimed their anger at the troops and other soft targets abroad. But there may come a time when they decide to come to America. So if you run a business that might be a target or your business premises are close to a likely target, you should talk to your business insurance agent. If there look to be problems, remind your agent this form of insurance has been standard in countries where terrorism has been relatively common over the decades. So, for example, Pool Re was set up in 1993 to reinsure the market as the IRA continued its bombing campaign on British soil. It now offers reinsurance cover for France and Spain as well. The German government offers direct support like the US. Your business insurance agent should tell you US risks are priced as a percentage of your property value. Since these values have been falling because of the recession, terrorism insurance is more affordable.

Book in Advance

While it is possible to get last-minute rentals, you will find cheaper offers when you book in advance. This is particularly important if you plan to rent a car during peak times. But even if you are traveling at another time, you can save money when you make a reservation. Be prepared to pay a reservation fee at this time and ask that it be waived when you honor the reservation rather than added to your bill.

Get Membership Discounts

Let the rental agency know you hold membership in organizations like AAA and AARP so you can get discounts. In fact, you can get discounts up to 15% simply by being a member of these groups. If you are a frequent traveler, look into other motoring organizations that offer discounts to members. Costco memberships offer travel discounts. Even joining online coupon groups can produce rental car discounts.

Buy Gas from Area Gas Station

When you refuel before returning your car, do so at an area gas station. Stations near the rental agency will be expensive. It is likely you can refuel at the rental company but it will cost you more. You also risk being billed if you do not return the car with a full tank. If this occurs, expect to pay up to 100% of the current gas price. This is easily avoided with cheap car rental.

Look for Hidden Fees

When you get your final bill, go through each line item. Make sure each cost is fully explained and accurate. If you notice unusual fees, ask for a detailed explanation. And when you do not get one, ask to have it removed from the bill.

Avoid Insurance Duplication

If you already have rental car insurance on your personal auto insurance policy, there is no need to also purchase coverage from the rental company. Cheap car rental is possible if you follow these recommendations. You do not have to overpay when you rent a car for your travels.

Determine the Reason

Hopefully the insurance company will include the reasons for their denial in the notice they send to you. If not, you will probably have to submit a written request to obtain the reasons. You need to know this to make sure their decision was based on facts.

Verify the Facts

It is possible they used factors in their risk calculation that are not accurate or need explanation. For example, if you have a poor credit history because of financial difficulties you experienced while married but now you are divorced with little debt in your name, this may be a reason to ask for a review of their denial. Even if they based your denial on your driving record which you know is not perfect, you should still get a copy of your record to confirm its accuracy.

Appeal the Decision

You can ask to meet with or talk to a representative from the insurance company to go over the factors they used in their calculation. You will need to provide documentation for any information you plan to refute such as that mentioned above. Errors on your application can be easily corrected and your application resubmitted for consideration.

Apply to Other Providers

If they stand by their decision to deny you coverage, you have no choice but to apply to other companies for auto insurance. You should be prepared to address discrepancies you may have uncovered during the appeal process to the initial insurance provider. Keep your paperwork handy and include detailed explanations on your application. This is especially important if you are applying online for quotes. It may be better to actually speak to a live representative if you have several clarifications that need to be made to your application. Any actions on your part to improve your risk level should be documented including refresher driving classes.

Take Legal Action

Insurance companies have the right to deny applicants coverage for legitimate reasons which are primarily based on risk to the company if they insure you. The only time you have legal recourse is if you suspect the company of denying you coverage based on discriminatory business practices. To proceed with a legal case against them, you will need evidence of this behavior.

Contact the State

If you continue to be denied based on subsequent applications to different companies, you may have to apply to your state’s Assigned Risk Pool. This is a last resort for the hard to insure. Since it is legally required to be insured, your state must offer minimum coverage through local providers to drivers who are otherwise unable to get coverage.