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Sunday, January 10, 2010

Avoiding Insurance Mistakes and Save Money Too

With the beginning of the new year, and New Year's resolutions, the Insurance Information Institute has shared some ways to avoid insurance problems and save some money.   

1) Your home should be insured to its Replacement Cost (estimated cost to rebuild) and not to the current market value (what it would sell for on the Real Estate market).  Underinsuring your home may lead to penalties in the event of a claim. 
TO SAVE MONEY:  Consider increasing your deductible to save insurance expense.

2) Select your insurance company by its service and financial soundness and NOT only on price.  You need a Trusted company who will be available to respond to a claim quickly and fairly.

3) Get Flood Insurance.  Home policies specifically exclude coverage for "rising water".  Anywhere it rains, it can flood.

4) Purchase adequate liability coverage on your autos.  The state minimums are not sufficient to protect your assets.  You should carry at least $100,000 liability limits, and if you own a home, at least $300,000.
TO SAVE MONEY:  Consider deleting comprehensive and collision coverage which pays to repair your vehicle in the event of an at-fault accident. 

5) Purchase renters insurance to protect your belongings and provide liablity coverage in case someone gets hurt in your home/apartment.
TO SAVE MONEY:  Look for companies that provide multi-policy discounts.

Your Trusted Choice agent,, can provide you with multiple quotes from multiple carriers and advise you on coverages and available credits. Every day we work with our clients to provide better coverage and save them money! Contact us for a free-no-obligation quote. Reach us via CHAT, EMAIL, PHONE:228-467-5662, FAX:228-466-4314, or visit us at 401 Hwy 90 in Bay St Louis MS.

We are licensed to write coverage in Mississippi, Louisiana, and Alabama.