Now that 2017 is here, it may be time to consider reviewing your personal insurance program. Most people don’t take time to review exposures, options, or their current economic condition before making their insurance purchase. We want to help you, so we prepared these insurance buying tips for 2017.
- Don’t buy insurance through the internet – Call our agency and let us provide outstanding service along with competitive pricing.
- Maintain good credit – Regularly check your credit score, since a low score may impact your premium.
- Review your auto limits – If you have limits of less than $100,000, that won’t even cover the medical bills in a serious accident. The minimum liability coverage that anyone with any assets or income to protect should be carrying is $500,000 to $1 million or more.
- Maintain a home inventory – Having an accurate account of your personal property can provide for greater recovery in the event of a loss.
- Bundle your insurance – Combine your auto, home and umbrella policies with one insurer to receive greater discounts.
- Set the right deductible – A higher deductible reduces your premium, but you have to pay more out of pocket in the event of an accident. If you have a good driving record and haven’t had an accident, you may want to gamble and opt for a higher premium. The reward for this risk could be up to a 40% savings.
- Consider Identity Theft – Identity theft is one of the fastest growing crimes in the U.S.
- Buy from a financially strong company – Your insurance is only as good as the company who stands behind the policy. The insurance company should have an “A+” rating or higher.
- Be prepared to make adjustments as your lifestyle and needs change.
Call us today and let us help protect what is important to you.
2017 is going to be a year of change. We have a new President, we have a new healthcare system and we may recommend that you not buy certain kinds of insurance. We will be the first to say that certain insurance may not always be best for your needs. We believe each client is unique and therefore requires unique insurance solutions.
Here are some examples of insurance products you most likely do not need to buy.
- Universal life – Typically term life insurance is going to be a better fit for you. Term life costs less, and you can take the premium difference and invest it yourself.
- Extended warranty plans – These are never a good idea. The warranty premiums are mostly commissions paid to the salesperson. Some credit card companies offer this protection if you make the purchase with their cards.
- Pet Insurance – Pet insurance usually is very limited in coverage and very costly.
- Collision insurance on older vehicles – If your vehicle has little or no value, it is better to pocket the premium and place it into a fund for future losses.
- Insurance on outstanding credit card balances – This type of insurance can be costly, and there are a lot of loopholes to go through before any benefit is paid.
- Mini Storage Insurance – As long as you have homeowner’s or renters insurance you don’t need to buy special insurance. Most policies have automatic coverage for property away from your primary premises. Call us for details and limitations.
- Mortgage life insurance – This protects the bank, not you. If you were to die, the payout goes to the bank, not your family. You are better off buying term life insurance.
- Flight Insurance – This is completely unnecessary, as airline accidents are rare and your life insurance policy should already provide the coverage in the event of a catastrophe.
Insurance is designed for the accidents and unexpected events in life that are too costly to pay on your own. Call us for more information.