Q: I recently received my homeowners insurance renewal, and the price has nearly doubled. Should I reduce my coverage to save some money? – No name given

A: Reducing coverage is probably not the best idea. A better idea would be to talk to your current agent or an independent insurance agent. Have them shop other insurance companies while also confirming you have adequate coverage based on your needs and risk. – Derrick Chandler

Q: I am furloughed from my job and have a 401(k) with my employer. Can I contribute or borrow against it since I’m still getting health insurance coverage? – No name given

A: Unfortunately, you are still officially separated from service and no longer can participate in your company-sponsored plan. That means you can’t contribute nor borrow against it. You should discuss the rules with your 401(k) plan administrator and/or your financial planner. – Dennis Nolte

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.