Avoid These Insurance Policy Mistakes

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Insurance policies can be tricky and overwhelming. Then when it comes down to needing it to come through you’re disappointed by a loophole or fine print that you didn’t know existed. Be aware this time around and avoid these simple mistakes that could save you lots of pain and money in the future. We could all use less pain and more money.

Don’t be fooled by overly competitive prices. Although that generic insurance sounds tempting to purchase with its cheap monthly premium and name brand commercials, do your research and find the right policy for what you need and fits your lifestyle. The cheap plan may seem like a quick band aid right now but when it comes time to use it then you’ll see why it is so low cost, because it doesn’t cover anything that you need it for.

Go for a moderately priced policy that will cover all your basic requirements. Shop around for new policies if you feel you are not getting what you pay for. After being with the same company for years, the price will naturally increase over time to where you may be over paying. Many companies will have new customer pricing that are comparable to your old policy.

Don’t opt out of renter’s insurance. If you are a renter then this is the most over looked and underrated choice you can make. These policies cover your possessions and living expenses if you have to move out in case of damages from natural disasters, fire, and theft. It seems trivial now but you’ll thank us, if something like this ever happens in your renter’s life.

In addition to that, not having basic insurance is a costly habit that you should break. Health insurance is imperative. Medical bills can add up quickly without proper insurance and will leave you in financial peril. The same goes for auto insurance to cover accidents and theft. Don’t just settle for liability. Don’t regret this haphazard choice later and go get coverage.

If you’re a homeowner, flood coverage should be considered. It’s not just for people who live near the coast or bodies of water. Most homeowner’s insurance and renter’s insurance do not cover flooding. You have to buy a private policy for this luxury but it is worth it because homeowners are five times more likely to deal with flood damage than fire.

Choose wisely in your future insurance decisions. People complain about insurance and its understandably often a headache but now that you are better equipped to choose the best policies, insurance may just be your saving grace.

Call us to schedule a free insurance consultation!