Avoid These 5 Biggest Insurance Mistakes!

In these tough economic times, every dollar counts; however when it comes to insurance, there are a few items that are vital to having the proper protection in place.

The following are 5 ways to avoid the possibility of financial burden due to lack of adequate coverage…

  1. Insuring a home for its real estate vale rather than for the cost of rebuilding.  This is probably the most common mistake, especially since real estate values have declined drastically; however replacement cost is completely unrelated to real estate value.  “What will it cost me to rebuild from the ground up and replace my belongings?”- is the best way to do the math and determine the replacement cost based on building materials and costs today.
  2. Selecting an insurance company by price alone.
  3. Dropping flood insurance.
  4. Only purchasing the legally required amount of liability for your car.  This is a common problem with a lot of the direct writer companies where they are looking to meet the basic needs of those who just want the basic/minimum coverages to get their vehicle on the road.  State minimums will rarely cover all of your needs in a catastrophic situation.
  5. Neglecting to buy renters insurance.

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