In: Root » Legal and finance » Insurance
When you stop smoking you're not just doing something good for the health of your body - you could also be helping the health of your wallet. Quitting smoking isn't just good for your health - it could also be a great boon to your finances. Just eliminating the expense of buying packs of cigarettes can save smokers hundreds of dollars every month, but people who quit smoking might also see their life and homeowners insurance premiums go down as well. When a person goes online to get free home insurance quotes, one of the first questions they are asked is if they are a smoker. This is because insurance companies look for risks when trying to decide how much to charge in premiums. People who are less of a risk for claims are more desirable, and therefore will receive a lower home insurance online quote than a person who presents a high risk. Smokers are considered to be a significant risk by home insurance companies because of the potential for accidental fires. Unattended cigarettes are one of the leading causes of fire damage in the United States, making smokers potential risks for expensive claims in the eyes of insurance companies. Therefore, they will charge smokers an extra in their premium to cover the possibility of having to pay a claim because of a smoking-related fire. Along with saving on home owner insurance, you can also save on your life insurance when you quit smoking. Even if you have a current policy, you can contact your agent and see if you are eligible for additional savings when you quit smoking. Many companies offer bonuses as a way to ensure the health of their clients and encourage them to stop smoking. Lou Albini is a freelance writer specializing in financial services and insurance. His work has been published in major print and online news sites. He lives in Brooklyn, NY.
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