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Insurance Mistakes That Could

Cost You!

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Fear is an important motivator when

it comes to buying insurance. We all

worry about what could happen to

assets like cars or homes, so we buy

insurance to help us maintain financial

stability if something bad should

happen.

When we pay annual premiums

over and over again, we expect our

insurance policies to perform for us

when we need them. Unfortunately,

the outcome isn’t always what we

anticipated and usually it isn’t because

something is inherently wrong with

the policy, but rather, it results from

insurance “mistakes.”

Here are a few of the most common

insurance “mistakes”:

Purchasing Inexpensive Insurance.

Insurance products often follow the

trusted saying of “you get what you

pay for.” Saving money by purchasing

the cheapest policy you can find may

not necessarily be your best option.

Initially, those low premiums seem like

savings; but if a loss isn’t paid because

a peril isn’t covered or a loss exceeds

your policy limits, then those expenses

come out of your pocket instead. We

will always recommend options that

we perceive to be your “best insurance

value.” We define your “best insurance

value” as the policy with an affordable

premium that includes quality coverage

that is provided by a trusted and

financially strong insurance company.

Paying Too Much Premium.

You

may be able to reduce your premiums

by eliminating coverage you don’t

need or increasing your deductible.

Submitting claims because you have a

low deductible can cost you a claims-

free premium discount or cause your

insurance company to drop you, so

consider increasing your deductible

and receive a significant premium

discount. Also, make sure you’ve talked

to us about applying for any premium

saving discounts you may be eligible

for.

Not Paying Premiums On Time.

Failing to pay your premiums on time,

or not at all, can cause your coverage

to cancel during the policy term or

upon the expiration date of the policy.

From our perspective, it really doesn’t

get any worse than that! To avoid any

disruption of coverage, please pay your

premiumwhen you receive the first

premium notice or set up automatic

payments through your bank or insurer.

Your Priorities.

Our Focus.®

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George C. Schmelzle, CPCU, ARM, AAI

IRMS President / Risk Manager

- Business Insurance Division

Not Reviewing Policies.

Making

assumptions about what is covered can

burn you. All policies have limitations,

so never assume all situations and

all possessions are covered. Please

review your policies and endorsements

carefully when they come in and let us

know immediately if something doesn’t

look right. When in doubt, ask us just

to be sure!

Not Reporting Changes.

Failing to

inform us about changes that could

affect your insurance needs in a timely

manner could lead to a disastrous

situation. If you make improvements

to your home, buy a new car, or

experience any other “change” that may

affect your insurance program, let us

know as quickly as possible so we can

add coverage to your policy before the

coverage becomes necessary.