Being out on your own means freedom. . . and increased costs!

From obtaining one's driver's license at 16, to registering to vote at 18, to graduating college and moving out on one's own in the early 20s, the rites of passage from adolescence to adulthood are numerous. But with the freedom of adulthood comes increased responsibility (and expense). Gone are the days of depending on support for housing, food allowance or health and car insurance.

Just because twenty-somethings are no longer under their guardians' insurance policies doesn't mean that money can't be saved, especially when it comes to car and renter's insurance. Here is a guide that may help you as you plan for your insurance needs.
Automobile Insurance Renter's/Homeowner's Insurance
By raising your deductible, you will lower your payments. Just make certain you don't raise your deductible higher than you can afford to pay out at once, such as in the event of an automobile accident. If you purchase your renter's/homeowner's insurance and your automobile insurance with the same company, you are likely eligible for discounts, which are referred to in the industry as multi-line discounts.
Teachers who are members of the National Educational Association or belong to state teachers' associations may be eligible for teacher auto insurance discounts. Inventory your items, taking photos of significant purchases. Store the inventory in a fireproof place such as a safety deposit box. This will prove useful in the event that you need to file a claim.
Many insurance companies offer discounts to those serving in the military. Check with your provider. Pets, especially certain breeds of dogs, can increase your premiums.
Consider purchasing GAP insurance. This covers the difference between your car's actual cash value when it is stolen/wrecked and the amount you still owe on it. Your credit history affects your premiums, so manage your credit responsibly.

For more information about auto and home insurance, visit the following sites: