When it comes to buying insurance, what you don’t know can hurt you…and your family…for years to come. Learn how to identify the top ten insurance blunders and what to do to avoid them with these tips.

1. Buying insurance on price alone.
   
   Although price is a major consideration, it’s even more important to have a reliable company and agent available should a claim arise. Take time to investigate the reputation and rating of the insurance company by visiting a third-party insurance rating company like A.M. Best, Fitch Ratings, Weiss or Standard & Poor’s. Make sure the company will be there when you need them, especially before buying long-term insurance policies like life insurance.

 
Tip: Investigate an insurance company’s complaint ratio by visiting the National Association of Insurance Commissioners website.
 
Failure to fully understand your policy.  

Take time to evaluate your coverage and make sure you fully understand what is included in the policy.  

​As the new year approaches, many people review their lives and make new goals for the future, to maybe eat better or exercise more, for example. This turning of the calendar page is also a good time to review your insurance coverage. An annual review allows you to update information and policies to ensure you are appropriately protected in the coming year.
To complete this process, take the following key steps.
Take inventory: Create a home inventory (or update your current one). Be sure to add any major gifts you receive this holiday season and remove anything you have donated, sold, or thrown away in 2019. In your inventory, include a description and the cost of items. Scan or photograph receipts to save with your list. Store everything online and/or off-site so you can access it in case of disaster.
Assess automotive needs: Consider the age and value of your vehicles. Is your coverage still appropriate? Have the primary drivers on any vehicles changed this year, or will they soon? Make sure deductibles, limits, and primary driver designations all make sense for your current needs.
Look for changes: Have you experienced any changes in the past year that might affect your insurance coverage? Renovations, births, purchases, and commute changes can all affect your insurance considerations.
Check for savings: Don’t miss out on any savings opportunities. Check for multiple policy discounts, changes in requirements, or new programs that may cut your insurance costs.
Contact our office for a quick review of your policies. I can help you evaluate your insurance needs to make sure you have the right coverage as you head into the new year.