“Things to consider when buying insurance” |
| Things to consider when buying insurance Posted: 16 Dec 2010 08:41 AM PST The most common mistake consumers make when shopping for auto and home insurance is to only look for the cheapest rate, according to a recent survey of independent insurance agents by The Hartford Financial Services Group, Inc. While saving money is a consideration for most consumers, it's also important to consider other factors, such as, the types and levels of coverage versus the risk they want to assume, insurance company reputation, as well as various lifestyle and financial factors, according to Lisa Lobo, a vice president at The Hartford. Some tips Lobo offers for consumers when deciding on auto and home insurance include: Bundle Up: Most agents (62 percent) agree that bundling policies with the same insurance company is the best way to save money on home, auto and other types of insurance. Be aware of Gaps: Consider an umbrella insurance policy, which essentially fills the gaps not covered by home or auto policies, such as if you are sued after an auto accident, or a tree on your property falls and damages a neighbor's vehicle. Agents agree that umbrella liability policies are a good idea, are affordable, and are easily coordinated with existing policies. Dig for Discounts: Insurance companies give discounts for a good driving record, favorable credit score, safety equipment, certain occupations or professional affiliations and more. Be sure you are aware of and ask for all possible rate reductions. Police Your Policy: Read and review all of your insurance policies once a year or at renewal time and re-evaluate whether they meet your needs or whether it's time to increase or decrease coverage. Make updates based on life changes or search for a new provider. Get Professional Advice: A licensed, independent agent can compare policy features, benefits and costs for you and help you make decisions on coverage that fits your specific needs. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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