At What Time Did You Last Review The Insurance Coverage Of Yours?

At what time may be the last time you compared prices on the home of yours and auto insurance policies? Regrettably, policies held for an extended time period accompanying a stellar safety report do not usually lead to lower insurance rates. Even if you think you’ve an excellent rate, looking around occasionally is smart.

Right after getting the April newsletter of mine and trying to follow the advice of mine of keeping an umbrella insurance policy, 1 of the audience of mine contacted the insurer of his to include coverage. This particular audience was surprised when the insurer of his informed him he did not get an umbrella policy since he did not have adequate liability insurance on his automobile policy. (Minimum car liability insurance – regularly $500,000 – is necessary to be able to buy umbrella coverage.) Even though this single had run the policy of his for 8 years, he was unaware the policy just supplied $50,000 of liability coverage. This amount was certainly insufficient for an individual preparing and approaching for retirement.

Along with realizing he was seriously underinsured, this particular individual discovered he had also been paying too many premiums. For just $50,000 of automobile liability coverage, this particular individual was paying $914 a year. Furthermore, the person discovered he was having to pay $351 per year for the $350,000 of liability coverage the person had on the condo of his.

This particular person and then spoke with an independent insurance agent to boost automobile liability coverage to an amount which allowed him to get an umbrella policy. This was crucial, as it significantly decreased the individual’s liability coverage, a threat a person with accumulated assets evidently should not have. Better still, the person managed to obtain significantly improved rates on the policies of his. For a total of $1,207 (less than he was before paying!), the person managed to secure $1,000,000 of automobile liability coverage, $350,000 of household responsibility, and yet another $1,000,000 umbrella policy.