Simple Tips for Buying Insurance

 Simple Tips for Buying Insurance

We've gathered some tips to help the insurance buying process. It's easy to fall into common traps when buying insurance and you end up partially buying, spending too much, or not being covered properly. With a little education you can avoid this.

Homeowner insurance

1- Floods are not covered by home insurance. This is a difficult lesson many people learned recently in a so-called "super storm". If your site is prone to flooding, talk to your insurance company about a flood insurance policy.

2- Have you heard about an "accidental occupancy approval"? You can add this to your homeowner's insurance and it will also cover personal liability - including liabilities related to guest injury on your property. This is a must if you are working from home. It costs less than $ 30 a year for this endorsement and it's well worth it. Even if you don't have people working in your home, if you get cargo it will cover the driver if it slips and falls on your property.

car insurance

1 - Make sure you are properly insured for lawsuits. If you were covered by $ 100,000 per person, you wouldn't even cover your medical bills in the event of a serious accident. $ 500,000 to $ 1,000,000 is the minimum coverage you should be carrying. It is not charged and deserved to raise liability coverage.

2 - Do not stop at the car insurance when the liability insurance is raised. Do this also for homeowners, boats, motorcycles, etc. The peace of mind alone is worth the extra cost.

3 - Make sure you have the uninsured driver's insurance and raise it to the same levels that you specified for liability insurance. It is estimated that 10-20% of all drivers are uninsured. You better be prepared.

4- You can save money by dropping comprehensive coverage and collisions on old vehicles if you feel you can comfortably replace them without car insurance. Save some money and it will reduce the risks involved.

5- Self-insuring small losses by increasing your deductibles. It will save you money and reduce the number of small claims you make, keeping your rates low.

life insurance

1 - Nothing can replace a family member. The emotional loss is amazing. When purchasing life insurance, it is wise to consider a policy equivalent to ten times the lost income. Think about it this way. Why pressurize the remaining parent by having them work more hard to make up instead of spending valuable time with their family.

2 - Term life insurance is a great way to start a young family financially. It is very cost effective. Try the rate for 20-30 years and make sure it's convertible into a permanent insurance policy when the time is right.