Here are some useful tips, terms you may or may not know, and a link or two...

With the economy the way it is, it is important to make sure you are getting the most for your money.  Here are some tips to reduce your premiums:

1. Bundle, Bundle, Bundle - Bundling up your car, home, flood, boat, etc insurance with the same carrier can save you real money.
2. Get a New Quote(s) - Insurance rates are often driven by timing. Your rates are affected by everything from credit to claims to driving record to age/updates to your home to marital status.  Making sure you are with the right company in the right "sweet-spot" for your current situation is important.
3. Go Paperless & Sign Up for Auto-Pay - Many companies give a discount to go paperless and/or signing up for automatic withdrawal from a checking account or credit card.
4. Consider raising your deductibles (if practical) - One of the only factors in determining your own premium is the deductible. A deductible is the portion that you will pay in the event of a loss before the insurance company pays. Higher deductibles put more financial responsibility on the insured, but can reduce premiums. If you are comfortable with the added financial responsibility, talk to your agent about the potential savings.
5. Review your Life Insurance needs - Have your agent explain the available products and discuss what your concerns or goals are.
6. Talk to your agent - Life changes and so do your coverage needs.  Ask them to review your current coverages for gaps or excess and make sure that all the available discounts are being applied to your policies.

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Common Insurance Terms

The following definitions and many more insurance related definitions are found on the Texas Department of Insurance's website.

Actual Cash Value (ACV) - The value of your property, based on the current cost to replace it minus depreciation. Also see “replacement cost.”

Collision Coverage - Pays for damage to a car without regard to who caused an accident. The company must pay for the repair or up to the actual cash value of the vehicle, minus the deductible.

Comprehensive Coverage (physical damage other than collision) - Pays for damage to or loss of your automobile from causes other than accidents. These include hail, vandalism, flood, fire, and theft.

Deductible - The amount the insured must pay in a loss before any payment is due from the company.

Declarations Page - The page in a policy that shows the name and address of the insurer, the period of time a policy is in force, the amount of the premium, and the amount of coverage.

Depreciation - Decrease in the value of property over time due to use or wear and tear.

Liability Insurance - An auto insurance coverage that pays for injuries to the other party and damages to the other vehicle resulting from an accident the policyholder caused. It also pays if the accident was caused by someone covered by the policyholder's policy, including a driver operating the car with their permission.

Liability Coverage - Covers losses that an insured is legally liable. For homeowners insurance, for example, liability coverage protects the policyholder against financial loss if they are sued and found legally responsible for someone else’s injury or property damage.

Peril - A specific risk or cause of loss covered by a property insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder only for the risks named in the policy. An all-risk policy covers all causes of loss except those specifically excluded.

Premium - The amount paid by an insured to an insurance company to obtain or maintain an insurance policy.

Renters Insurance - A form of property insurance that covers a policyholder’s belongings against perils. It also provides personal liability coverage and additional living expenses. Possessions can be covered for their replacement cost or the actual cash value, which includes depreciation.

Replacement Cost - Insurance coverage that pays the dollar amount needed to replace the structure or damaged personal property without deducting for depreciation but limited by the policy’s maximum dollar amount.

Term Life Insurance -  Life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis. (Definition from Answers.com)

Uninsured/Underinsured Motorist (UM/UIM) Coverage - Auto insurance coverage that pays for the policyholder's injuries and property damage caused by a hit-and-run driver or a motorist without liability insurance. It will also pay when medical and car repair bills are higher than the other driver´s liability coverage.

Variable Life Insurance - A type of whole life policy in which the death benefit and the cash value fluctuate according to the investment performance of a separate account fund that the policyholder selects. Because the investment account is regulated by the Securities and Exchange Commission, the policyholder must be presented with a prospectus before they purchase a variable life policy.

Whole Life Insurance - Whole life insurance policies are one type of cash value insurance. Whole life policies offer protection through a lifetime - that is, for a person´s "whole life." From the day a person buys the policy, they pay a scheduled premium. The scheduled premium may be level or may increase after a fixed time period, but it will not change from the amount(s) shown in the policy schedule. It is important to look at the policy schedule to understand what the premium payments will be and that they are affordable over time. This premium is based on age at the time of purchase. Initially, it will be higher than the premium paid for a term policy, but they are likely to decrease over time if the policy is kept for a long time. Part of each premium payment will go to cash value growth, part for the death benefit and part for expenses (such as commissions and administrative costs). There is no need to renew whole life policies. As long as the premium is paid when due, coverage will continue in force.

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Texas Notary Bond - Application for new notary bonds and renewals