Top 5 Insurance Tips

Although insurance is probably one of the last things on your mind, it will most certainly be one of the first things on your mind in case of an accident or natural disaster. 

Here are 5 tips that we wanted to share with you:

  1. Don’t go cheap - The worst time to realize you don’t have enough coverage is after a loss. Purchasing that cut rate low cost insurance on the front end may have tasted sweet at the time, but the nasty aftertaste is going to linger a long time should you discover you don’t have the right coverage, or enough coverage in the event of a loss.
  2. Review your coverage - Yes, I know, reading an insurance policy is a sure fire cure for insomnia, but at the very least you should be aware of what your coverage applies too, and any exclusions that may apply. You don’t want to find out about an exclusion for youthful drivers after your 16 year old wraps your company vehicle around a telephone pole. If you don’t have the inclination to read your policy, at the very least, have your agent explain it to you. This is a great time to also make sure you have all of your assets covered.
  3. If you own it, and it has value, INSURE IT- Comparatively speaking, insurance is relatively inexpensive to purchase. The reason is that insurance companies use the law of large numbers in determining rates. As such it is wise to insure anything of significant value given the relative cost of insuring it. You won’t regret it.
  4. Adjust your coverage as your stage of life changes - For instance, your need for life insurance is greatest when you have a young family with small children at home. It is least needed when you are in your twilight years with no dependents. Adjust your coverage accordingly. If you have been carrying your adult children on your auto policy, consider moving them to their own coverage. Adjust your coverage to apply to your current lifestyle and stage of life.
  5. Don’t forget to add new to you assets to your policy - Do you have a new car, boat, or motorcycle? Most policies allow a 30 day grace period to add new items. After that, you are on your own as coverage would not apply until the unit is added to the policy.

If you have any questions, please contact us at First United Insurance Solutions for all your insurance needs. Our agents are ready to assist you with all your insurance needs whether it is Personal, Commercial, Life, or Benefits. At First United, we have you covered.

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