To be on the safe side, it’s best to review your home insurance policy on a regular basis. Renewal time provides the perfect opportunity because you’ll have your policy in hand and it will be
easy to make changes before you write a check. With a quick review, you may discover ways to improve your coverage and maybe even save a little money in the process.

Step One: Has Anything Changed?

When your renewal notice comes, the first thing you should do is read over the policy. Make sure all the basic information is correct– name, address, phone number, and property description.
If you have a garage, shed, or other outer building, there should be a notation on the policy. Also ensure the information concerning the mortgage holder is complete, accurate, and up to date.

Special tip: If you had a second mortgage that’s paid off, make sure the mortgage holder isn’t listed on the policy. In the event of a substantial claim, all parties who have a vested interest in
the home are included on the check. If the second mortgage holder is listed, but no longer has an interest in the property, it’ll be a nuisance to straighten the matter out. It’s far better to have them
removed before it becomes an issue.

Step Two: Do You Have Enough Coverage?

One of the most important things to look at when reviewing your home insurance policy is the amount of coverage you are carrying. A common mistake people make is to underinsure
their home. Although it may be tempting to save a little money in premiums by not carrying all the insurance you really need, you could end up having significant out-of-pocket expense if
something does happen.

Special tip: Most policies have an automatic cost-of-living adjustment. Due to inflation that amount generally goes up. In your review, determine if this adjustment exists and if it will cover
you in case of emergency. If the adjustment is a minimal amount, you may be able to save a little money by foregoing the increase. Be sure you keep an eye on it though, in case of larger
increases in the future.

Step Three: Have You Upgraded Your Home?

If you’ve made significant improvements to your home or property, it is likely more valuable than it was before. Your coverage should reflect this increase. If you need to file a claim or
rebuild the property and your improvements haven’t been included in your policy, you could end up taking a loss.

Special tip: It is your responsibility to inform your agent if you’ve added a security system, a new room, or redone existing parts of the home, such as a complete remodel of the kitchen. These
things can add considerable value to the home and may cost a lot more to replace. A security system could also net you a discount if your agent is aware of its existence.

Step Four: Are Discounts Available?

Find out about any discounts you’re entitled to. It may be to your advantage to combine your home insurance policy with auto and life insurance policies. Multi-policies usually lead to
considerable savings.

Special tip: If you have any questions concerning discounts–what’s available and how much the savings might be, contact your agent. They have the answers and will be more than happy to help
you determine what choices to make. After all, a satisfied customer is a happy customer, and a happy customer means repeat business.

Step Five: It’s Time to Make Improvements

After reviewing your policy, sit down with your spouse and discuss ways you can make improvements to your policy. Determine if there are any holes in your coverage that need to be
addressed. Your agent should call periodically to go over your policy with you, and point out any areas where prices or coverage have changed. Review your policy with them at that time. If
your agent doesn’t contact you on a regular basis you may want to consider shopping around for an agent that will take a more personal interest in you and your property. The bottom line is that
you want to make sure you’re protected in case of emergency, and if something does happen you want to be able to concentrate on making the necessary repairs and not on collecting the cash to
do so.

Special tip: Any time you can raise your deductible your premiums will drop correspondingly. If you take this route, make sure doing so won’t cause you to lose any sleep. Raise it only as much
as you feel comfortable with.

Guest post from Bailey Harris, who writes about homeowners insurance forwww.homeownersinsurance.org.

We have reviewed 8 everyday items and personal finance products which you may or may not already have in your life, and a guide to help you decide which ones are worth keeping and which are impeding your frugality.

When you are trying to live a frugal lifestyle, it is important to step back and review the items you have in your life, especially since a number of items you thought were helping you be smarter with your money and protect your family could actually be costing you more.

So without further ado, here’s the list:

1 – Protections

Not all forms of insurance and warranty are un-frugal but in some cases you can be paying extra for coverage you don’t need, won’t use, or isn’t worth the value you are paying for it. For example:

• Extended warranties. An extended warranty on a car or electrical item can be as little as $30 to as much as several thousand dollars and is aimed at extending the manufacturer’s warranty in case there is a problem with the item. However, some items are not likely to break down even within the extended warranty period and you can instead save yourself money by choosing the most reliable brands to start with, and using the products the way they were intended to be used. Even if a product does fail outside of the warranty period, you can still try and negotiate with the retailer for repairs or compensation.
• Credit card insurance. You can be paying around $1 for every $100 of your balance for insurance to cover your minimum monthly repayments if you are unemployed, injured, disabled or you die. However, in most cases your life insurance policy will already cover your expenses in case you can’t.
• Identity theft protection. Having your identity stolen can cost you a lot of money not to mention inconvenience however, at up to $240 per year, identity theft protection can cost you even more, especially when there are significant gaps in the protection according to the Federal Trade Commission’s Chairman. Instead, keep an eye on your own finances and read bank statements carefully, keep your letter box locked and don’t give out your PIN to anyone.
• Phone insurance. Yes, you really can buy IPhone 4 Insurance. However, that doesn’t mean it’s a good deal. Losing your phone is annoying and paying up to $96 per year and an extra $25 to $100 deductible when you claim may seem like a small price to pay for the convenience of an automatic replacement. However, this is not generally a frugal way to spend your money as your phone may already be covered under your home contents insurance. Plus, there can be conditions which may exempt you from a new phone in the insurance contract.
• Collision insurance. If you have an older vehicle, you could find a more frugal use for your funds than paying for collision insurance. You can be paying an extra $300 per year for reimbursement of the value of your car in the case of an accident. However, the cost of the coverage is likely to overtake the maximum amount the insurance will pay for so once the cost of the insurance is 10% of the car’s book value, the policy is not worth keeping.

Verdict: Not frugal.

2 – Account and investments which charge fees

Your transaction and savings accounts and investments are supposed to be making it easier for you to manage your money and make every dollar go further. Therefore watch out for these expenses which can eat into your frugality:

• Sales commissions on mutual funds. Load mutual funds can be paying four to six percent in sales commissions to your broker or financial advisor, where no-load funds often perform the same or better for your returns. Therefore, shop around for the best performing no-load mutual funds, and remember that even if funds appear to be on par, load funds will need to offer higher returns to make up for the loss of returns to fees.
• Fees on transaction accounts. If you have had the same transaction account for many years, you may not be aware of the new products on the market. For example, there are many transaction accounts which won’t charge you ongoing monthly fees for holding the account, nor require you to maintain a minimum balance to pay you interest.

Verdict: Possibly not frugal—be sure to figure total return including expenses.

3 – Home Equity Loans

In these difficult economic times, people are often tempted to access the equity in their home to help with expenses and family activities. However, equity release schemes can be very expensive as you only get back a fraction of the house’s value and you are giving up a large portion of your accumulated wealth just for cash flow in the short term.

Instead of using an equity release loan or scheme, consider downsizing to a smaller more affordable home and investing the profits from the sale of your first home.

Verdict: Not frugal.

4 – Coupons

Coupons are often touted as the frugal family’s best friend, however, you can find yourself spending more than normal, or getting a decreased value from your purchases simply to make use of a coupon. Therefore, make sure you avoid these non-frugal coupon uses:

• Retailer coupons. If the coupon is for somewhere you already shop then you can use it frugally, but often retailers give out coupons to attract new customers and you can find that you make impulse purchases, without considering whether the item is good value. Therefore, make sure you compare the products and prices of items before you buy somewhere new. You also often can’t use more than one coupon on the same item so the individual discounts may not add up.
• Buying a new product. Everyone has the brands they know and like, but if you receive a coupon for a new product, you may be tempted to buy it. However, make sure you actually need the items, and consider whether your money could be better spent on a product you know you’ll like, rather than on a new brand of product you may end up throwing away without finishing.
• Buy one get one free. This type of coupon offer is only viable for frugality if you are able to use the extra items before they go bad. If you have a big family or are having a party then stock up, but otherwise these free items could be wasted.
• Other brands are still cheaper at full price. If you have a coupon for a branded product, but the store brand is still cheaper at it full price, you are not spending frugally if you spend more on the same product simply because you have a coupon.

Verdict: Sometimes frugal—but only for products you know you would buy anyway.

5 – Convenience foods

Don’t confuse ease of use with enhanced lifestyle because when you buy the more expensive frozen or pre-packaged foods you are paying more and not only wasting your money, but short-changing yourself on the quality family time you could spend preparing food and meals together. Instead of buying frozen meals for when you’re too tired to cook, spend a day with your children helping you in the kitchen to cook up batches of meals which can be frozen. Rather than buying small containers of yogurt for lunch boxes, buy the larger tub and distribute them into your own smaller containers.

Verdict: Not frugal.

6 – Reusable menstrual products

Guys, feel free to skip this paragraph. OK ladies, I want you to stop and think for a moment about how much you’re spending every month on tampons or pads. Did you even realize there are other options out there? Google “menstrual cups” and you’ll find quite a variety under brand names like Diva, Mooncup, and Keeper. Not only are you saving 10 to 15 dollars each month on disposable products, you’re also stopping all of those products going into landfill. Be sure to read up on these before you buy, however, as they come in different sizes and a proper fit is essential for them to work properly.

Verdict: Frugal.

7 – Beauty products from the kitchen

When we look good we feel good and one of the hardest parts of living a frugal lifestyle can be giving up on beauty products. However, there are a myriad of frugal alternatives right in your own home, such as:

• Enzymes and acids. These features of beauty products are now thought to be more effective at renewing your skin than harsh scrubbing products, and you can find them in natural yogurt. You can make a face mask from just one teaspoon of yogurt once or twice per week and feel refreshed in summer, or warm the yogurt to room temperature in winter.
• Lactic acid. If you don’t want to slather yogurt on your face, use milk or powered milk. You can make a mask out of powdered milk, or simply dip your face into a bowl of fresh milk. The lactic acid is the ingredient in the yogurt which removed dead skin cells and brightens and smooths your complexion. You can even take a milk bath by adding a cup of milk or milk powder to your bath water.
• Probiotics from the inside. Don’t forget to eat some of the yogurt too, or add probiotic capsules to your diet as this helps improve your complexion form the inside by neutralising and removing toxins before they can be pushed out through your skin – prevention is better than cure.
• Fruit masks. Fruits such as kiwi, peaches or papaya can be pureed to create a face mask but remember the acids in the fruits work quickly so don’t leave them on for more than a couple of minutes. For dry skin, try an avocado paste mask.
• Apples. You don’t have to do anything to your apples except eat them – including the skin as that’s where most of the nutrients are found – as apples contain pectin which cleanses your intestines of toxins which would normally be excreted by your skin.
• Basic toner, cleaner and moisturiser. With the natural fruits and acids working on perfecting your skin you will find you don’t need to spend a lot of money on the fancy toners, cleansers and moisturisers. Instead, look for products which don’t have acids or enzymes in them to give your skin a break.
• Aloe Vera. This is a very simple product which can be used to great effect as an eye gel and wrinkle smoother. If you have puffy eyes in the morning it will firm up your skin and it can be used in place of your regular moisturiser several times a week.

Verdict: Frugal.

8 – Lighting

One of your biggest household bills will be for your power and there are a number of ways you can reduce this cost until your whole family gets into the habit of turning off the lights when they leave the room. Using compact fluorescent light bulbs in all of the sockets in your home can save you hundreds of dollars per year. For a longer lasting alternative, LED lights will save you even more money because they are maintenance free and you won’t have to replace them for years.

Verdict: Frugal.

Alban is a personal finance writer at Home Loan Finder, a home loan comparison website.

If you don’t have health insurance due to unemployment (or any other reason) you need to get insured. Even if you’re afraid it will be expensive or you won’t be accepted, the simple truth is that you can’t afford NOT to have health insurance. Here are a few reasons you should not delay another minute before you get started.

Reason #1: The Clock is Ticking
If you lost your job recently, you have exactly 62 days under the HIPAA law to find new coverage in order for your pre-existing conditions to be covered. That isn’t much time! You need to get a certificate of creditable coverage from your former employer to prove you were previously insured. It can take up to six weeks to get approved once you apply, so you have very little time to waste. What this means is that you need to start applying for coverage NOW.

Reason #2: COBRA is expensive
If you asked your Human Resources department for the cost of continuing your coverage through COBRA, you likely were shocked. . .and not in a good way. The price includes both the portion you were paying and the portion the employer was paying. There’s no other way to say it, COBRA insurance is expensive stuff. You can almost always save money by buying your own individual coverage. Why? Because you can customize your own plan when you buy an individual policy, and won’t have to pay for things like maternity coverage if there’s no chance of you getting pregnant, or for smoking-related illness if you don’t smoke. If you’re young and relatively healthy, the price will be even lower. Also, you can set your own deductibles and co-pays when you buy medical insurance. If you are willing to take on a higher deductible, your premium will go down.

Reason #3: A Medical Emergency can lead to Bankruptcy
Did you know that medical expenses are the leading cause of bankruptcy in the United States? It isn’t hard to see why. A prolonged hospital stay can easily run $50,000. Without medical insurance, could you afford to pay a bill like that out of pocket? Most people would have to file bankruptcy, and see their credit scores trashed as a result. Don’t let that happen to you.

In short, you need health insurance. It’s not like buying laptop insurance or BlackBerry insurance–your health or even your life could be at stake here. The good news is that the internet can make the process go much more quickly and easily for you. Sites like EHealthinsurance.com and Netquote can compare quotes from all the major insurance companies in just a few minutes. I especially like EHealthinsurance.com because it lets you electronically sign your application, which speeds up the process even more. The sooner you apply, the sooner you can get accepted. Now go do it!

Maybe, depending on what level of service you’ll be getting.

Identity theft is a costly and increasingly pervasive problem, and the low cost of identity theft insurance makes it a tempting buy. But before you buy, it’s important to understand two important things about identity theft insurance:

• It can’t prevent identity theft from occurring.
• It doesn’t actually replace any stolen money.

The insurnce can only help cover the cost of cleaning up the mess once your identity is stolen. This typically includes reimbursement for postage, time off work, credit reporting costs, and other costs you will face as you fight to repair your good name.

Check the deductibles, and check into what additional services come with the policy. Will they handle the paperwork and phone calls for you, or will you do all the work and only be reimbursed for out-of-pocket costs? In many cases, the deductible is higher than your actual costs would be. It would take a lot of long-distance calls and copies at Kinko’s to reach a $250 deductible. . .but those are they types of expenses they generally pay for. But if the policy covers legal fees, you might get considerably more bang for your buck.

Consumer Reports recently reviewed identity theft policies and concluded that they weren’t worth the money for most people. This type of insurance ranks right up there with iPad insurance in my book (not very high, in other words). Like everything, though, the devil is is the details.

Insure.com for life insurance
eHealthinsurance for health insurance