I have two insurance policies, one for my car and one for renters insurance. The payments are due at the same time, and I cannot afford this anymore. What do I do?

Check with your insurer to see if you can arrange a payment schedule that works better for you. Perhaps it would be easier to budget for smaller, monthly payments, rather than large payments every six months. Also, talk to your insurance agent about ways to decrease your car and renters insurance premiums.

Here are some ideas:

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• Raise your deductibles. The downside is you'll pay more out-of-pocket if you make a claim, but the premium savings might be worth the risk. Raising your deductible from $250 to $500 on collision and comprehensive car insurance coverage could lower that portion of your premium by 15 percent to 30 percent, according to the Insurance Information Institute. Raising a $250 deductible to $500 on a renters insurance policy could cut the premium by 12 percent. You'll see even greater savings if you increase the deductible to $1,000 or more.
• Shop around for insurance quotes. To make sure you're getting the best deal, compare quotes for the same level of coverage from several companies. (Don't go by price alone, though. Do business only with insurance companies with solid financial ratings and good customer service reputations.)
• Purchase from one insurer. Buying your auto insurance and renters insurance policies from the same company may save you money. Many insurers offer a multiple-policy discount if you buy more than one type of insurance from them.
• Get the discounts you deserve. Are you a nonsmoker? Some insurance companies offer discounts for renters insurance if no one in the residence smokes. Many car insurance companies offer low-mileage discounts for car insurance.
• Drop collision and comprehensive on older vehicles. If your car is older and has little value, you should consider forgoing optional coverage, like collision and comprehensive insurance. Collision insurance covers damage to your car if you're in an accident, and comprehensive coverage protects against losses from causes other than a traffic accident, such as theft, vandalism, natural disasters and collisions with animals. Both types of coverage are optional, and they might be worth dropping if your car has lost most of its value and you can afford to replace it without insurance.

For more, see 12 ways to save money on car insurance and 10 ways to save on your renters insurance.