CYA! Cover Your Assets

In today’s world proactive protection of assets is more vital than ever before. You have worked hard to get where you are in life. Don’t let an accident or an incident that is out of your control damage that standing. Taking control by protecting your belongings gives you peace of mind and security.

With the help of a knowledgeable insurance broker you can easily avoid the top 5 mistakes most people make when buying insurance.

#1 Setting your deductible

Often times people will set the deductible low because they feel like if they were to have an accident, they would not want to have to come out of pocket at that time all at once for a large sum of cash. While this makes sense, try thinking of it a slightly different way.

Bumping up your deductible may save you up to 40% on your premium in some cases. As an alternative, take that savings and start or add it to your emergency fund. That way you are saving money on account and if you do need it for an accident, it is still there, and if you don’t it is added to your slush fund.

#2 Check out the company background before buying

A good deal isn’t always a good deal. Before you commit to an insurance policy check the company’s ratings and complaints. When you do need your insurance it will always be in times of stress and you certainly do not need a hassle from the very people who are supposed to be there to protect you. They can be researched by visiting the National Association of Insurance Commissioners’ Consumer Information Source (https://eapps.naic.org/cis/).

#3 Only insuring your home for the market value

The market value and the insurance value are not the same. You need enough insurance to pay to rebuild your home if it is destroyed, not just what the current fluctuating market allows for a possible sale.  A great way to check and see if you are on target for asset protection is to check the rebuilding cost calculator on www.accucoverage.com.

#4 Failing to understand your policy’s exclusions

No insurance policy is one size fits all. Every home insurance or business insurance policy comes with exclusions, and it’s important that you read and understand them. A prime example is to check to be sure you do not need special riders for earthquake or flood damage. Going over your policies with a reputable agent can save you time, money and aggravation in the long run.

#5 Remember to update your policies

Life happens and change is the only constant.
Make sure that your insurance policies shift with you.

Additions, renovations or even adding a pool are possible policy changes that need to be addressed. Saving a few dollars by not adjusting your premium could end up coming back to bite you in the long run. A prime example would be adding a new dog to your family. Consider: 4.5 million people are bitten by dogs each year. 885,000 of those have required medical attention. According to the Insurance Information Institute the average cost was $32,000 in 2014. Having to pay that out of pocket could put a major dent in your savings account.

How Centennial Insurance Services can help

Centennial Insurance Services is an independent agency which is able to assist with all of your insurance needs be it personal or business. With over 15 years’ experience in the industry they are able to do the leg work for you and eliminate the need for guessing. Give them a call today 239-247-5125 in Fort Myers, FL 904-598-1036 in Jacksonville, FL or visit http://www.cisinsfl.com/ for your free no obligation customized quote

 

Originally Published: http://www.cisinsfl.com/2015/10/cya-cover-your-assets/

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