Insurance coverage you need

Make Sure Your 

Coverage Fits Your Needs

Only buy what you need. Compare the cost of your annual premium against your car’s Blue Book value, minus your deductible. If you’re paying more in premiums than it would cost to replace your car, consider dropping collision and comprehensive coverage. If you still owe money on your car, your lender will require you to maintain collision and comprehensive coverages.

You may be able to drop some coverages and lower your premium. You may not need PIP and medical payments coverage if you have health and disability insurance. Remember that PIP and medical payments also cover other people if they are injured while in your car. If you belong to an auto club, you may already have towing and labor coverage and don’t need it in your policy.

Homeowner Replacement cost covers the cost to rebuild your home, not what it would cost to buy your home. Personal Liability should at least cover the value of your home. Tell your agent about any extras you may have- such as granite in your bathrooms and/or kitchen. Swimming Pools, sheds and fences will add to the cost of rebuilding your Other Structures. Jewelry, coin or art collections should be specifically listed so you know they are covered.

As with Auto policies, higher deductibles will lower your insurance premium. Keep in mind, higher deductibles may save you money now, but they will increase your out of pocket in the case of a claim.

The goal of finding the coverage that fits your needs is insurance is supposed to make you whole in the case of a loss. It is in your best interest to know what coverage you need and who offers it. Ask questions. Your agent should be more than willing to explain needs and coverage when you have questions.