Tomorrow is the American Cancer Society's 35th Annual Great American Smokeout, a good day to quit smoking if you haven't already, or to support the smokers that you know in kicking their habit. Quitting smoking is not only a good decision with respect to your physical health, it can also be quite a boon to your financial health. Even beyond the cost of cigarettes themselves, smoking carries other high costs. Most life insurance, health insurance, homeowners insurance and even auto insurance policies carry higher premiums for smokers. It stands to reason: the price of insurance is based on the odds of having to make payment on a claim. Smokers are an overall riskier bet than nonsmokers. For life and heath insurance, the risks are obvious and well-documented: on average, smokers have significantly more health problems and die younger.
Property insurance is also more costly for smokers due to a higher risk of smoking-related accidents. Households with smokers have an increased risk of fires. According to the US Fire Administration, "... an estimated 9,000 smoking-related fires in residential buildings occur annually in the United States, resulting in an estimated average of 450 deaths, 1,025 injuries, and $303 million in property loss ...they are the leading cause of fire deaths, accounting for 17 percent of fire deaths in residential buildings." Smoking is also considered to be one of the major "distracted driving" culprits leading to an increase in auto accidents. And with any property, residual damage from smoke can decrease the property value and make resale more difficult. There may be other costs too: last year, it was revealed that Apple voided computer warranties due to second-hand smoke.
Save your health and save money in the process - that's a win-win all around!
Stop smoking resources
American Cancer Society: Great American Smokeout Guide to Quitting Smoking
American Cancer Society: Great American Smokeout Resources and Tools
American Cancer Society: Helping a smoker quite: do's and don'ts
American Lung Association - Help resources for quitting smoking
Centers for Disease Control: Smoking & tobacco tools and resources
Mayo Clinic 10 ways to help teens stay smoke-free
Teen's Health: How can I quit smoking?