Insurance-home

You probably wouldn't send a holiday card depicting the family dog biting the boss. Or one that shows a brand new flat screen falling out of the back of your truck.

While these scenes aren't ones you'd like to experience at the holidays, experts say it's wise to keep in mind that accidents (like these, as well as ones similar) do happen. Even at the most wonderful time of the year.

"Holidays mean more guests, more driving, and more new possessions than any other time of year. It's important to make sure all your presents, parties and travels don't fall outside your current coverage," said Tim Gaspar, president of Gaspar Insurance Services in Los Angeles.

Flood insurance is only available through the federal National Flood Insurance Program, and this program is scheduled to expire in March.

Now groups are lining up on both sides of the question of whether to include wind damage in the coverage. The Hurricane Katrina experience showed how difficult it can be to separate damage from moving water from that caused by wind.

U.S. Representative Gene Taylor of Mississippi has proposed the Multiple-Peril Insurance Act, which would expand the government's program to include wind damage. Taylor accused major insurers of ducking payment for damages from the hurricane by claiming that damage was due to flooding, which was not covered under their policies, rather than wind, which was.

Kiplinger.com, the website of Kiplinger's Personal Finance, recently published a round-up of ways you can lower your insurance costs. While some are spot-on, others could actually cost you more under certain circumstances. Here's a look at their advice. We've spotlighted five solid tips as well as a couple of additional ones that come with caveats.

Shop around. This is good advice for any type of insurance. If you've had the same policy for years, see if another insurer can match or beat the cost. If you've incurred any new expenses (such as adding a teenage driver or an inground pool), definitely shop around. While you've got that policy out, take a look and see if it still meets your needs. You might discover that you were over-insured.

Ask for discounts. For car insurance in particular, this is a biggie. If you drive fewer than 7,500 miles a year, carpool or are willing to take a defensive driving course, you might be able to net a lower rate. Also, tell Junior to keep his grades up; students who get Bs or better are often eligible for a discount.

This week on Show & Tell with The 2 Mortgage Guys we'll explain how escrowing works when included in your mortgage payment. We'll explain the benefit and advantage of escrowing your taxes and insurance as well as what could happen with future payments.

Ryan Minick and Steve DeLon are The 2 Mortgage Guys. Subscribe to their newsletter or visit them at www.The2MortgageGuys.com.