Too many people think of insurance as expenses, instead of profits.

Last month, I wrote that insurance “excites” me. Some people thought I was either crazy or lying. Now I’ll say something that’s even crazier and is definitely true: You should be excited about insurance, because it can put money in your pocket.

Not only do I sell insurance, I also study it. I’ve long known that many people are under-insured, but a new poll this month shows most people know this about themselves – because “60 percent of home/auto policyowners are worried about being underinsured.”

One big culprit is, of course, inflation. But it’s more than that…

Of those who have made a claim on their insurance policy in the past five years, 40 percent have had an event where their policy did not cover their claim as they had expected.

That’s right, many people don’t realize their insurance isn’t enough until something bad happens. Then they realize they owe more than they expected – and often more than they can afford.

When this happens, you actually lose money twice. You might be paying premiums for years for coverage that doesn’t really help you when you need it, and now you need to spend more of your own money to recover from whatever tragedy the insurance was supposed to cover.

A lot of people have heard about whole life insurance, which can actually build cash value. What they often don’t know is that whole life plans can be complicated and expensive. At the end of the day (and possibly the end of your life) you won’t have as much money as you thought you would.

When I talk about insurance being lucrative, this isn’t what I mean.

I’ve had many fans ask me about the best ways to save money because inflation is killing them. What’s the best gas-saving app? Where can I find the best grocery coupons? I’m proud of them for pursuing these cost savings, but they pale in comparison to a better use of their time: Reviewing their insurance policies.

I know, I know. This isn’t how you want to spend your free time. But you might have more spending money after you do it. Think of it like going to work. That’s not always a good time, but you get paid. In this case, many people can save more in 60 minutes than they’ll earn in that same amount of time on the job.

Reviewing your insurance policies does two things.

First, you can tweak your coverage based on things that have changed in your life. For example, if you’ve made some home improvements, your homeowners insurance might need to be beefed up. That will cost you a little more now, but it will save you thousands – or even tens of thousands – later on. (Remember that poll I talked about at the beginning of this article?)

But reviewing your policies might mean paying less and pocketing more. Maybe you don’t need as much coverage as you had before. Your car is older, so do you need the same coverage you had when it was new?

Then there are the discounts.

Did you add a new security system to your house? If you bought a new car, is it a sturdier model with more safety features? Many insurers give you breaks on your premiums for anything that lowers your risk. This is also a good time to shop around, because insurance is a lot like credit cards – sometimes one company offers introductory deals to lasso new customers, and you can get the same terms you have now for a lot less.

Tell me you wouldn’t be excited to pay less for the peace of mind of the right coverage. Isn’t that exciting?

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About the Author

Vicki Gunvalson

Vicki Gunvalson

Before Vicki Gunvalson starred on Bravo TV’s hit series “Real Housewives of Orange County” – which launched the franchise in 2006 – she was already a financial expert. Gunvalson has owned and operated Coto Insurance for three decades. Based in Irvine, California, Coto has been ranked among the top 1 percent of insurance companies nationwide, with more than 10,000 clients in those 30 years. Coto’s success helped Gunvalson become a member of the Million Dollar Round Table – which represents the top life insurance and financial services professionals from more than 70 countries. She continued to grow Coto during 16 salacious years on the hit show and subsequent celebrity projects. But it wasn’t just Coto that has earned Gunvalson praise and awards for her financial acumen. Licensed in every state not just as an insurance agent but also a retirement specialist, she has made it her mission to help people – especially women – become financially independent. She has partnered with to help even more of them. “I’ve counseled thousands of Americans who experienced their own melodrama – over money,” Gunvalson says. “ is in some ways exactly like me – and in other ways, unlike me. We both care deeply about getting good people in better financial shape. But unlike me, they do it quietly!”

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