- Resist any inclination to make price your top priority. Price should not be an afterthought when shopping for insurance, but it’s important that consumers avoid making it their mission to find the lowest possible premiums. Though a low-cost policy might suit your immediate financial needs, such a policy may not offer a level of coverage necessary to prevent adverse financial outcomes should you experience accident or injury. It’s best to prioritize getting the coverage you need over the lowest possible policy cost.
- Comparison shop. Once you have identified the level of coverage you need, you can then begin comparison shopping. Most insurance providers can issue quotes in a matter of minutes, and many offer similar levels of coverage. So the process of gathering quotes on policies offering similar, if not identical, coverage should not take long.
- Shop around for discounts, too. Savvy consumers know to shop around for discounts that can lower the cost of a given policy. For example, many providers discount their homeowners’ policies if policy holders install security features in their homes. Home alarm systems, security cameras and even added exterior lighting might help lower the cost of homeowners’ insurance policies. Such discounts can typically be found regardless of which type of policy you’re looking for, so shop around or speak directly with customer service representatives to identify ways to lower the cost of coverage.
- Choose additional coverage for particularly valuable items. Certain items, like engagement rings, may require additional coverage not offered by standard policies. For example, a standard renter’s insurance policy may not cover expensive jewelry. But losing an item like an engagement ring to theft or a natural disaster can be emotionally devastating and costly to replace. Such a blow is easier to manage when policy holders know the items are fully covered.
Insurance is necessary whether individuals are looking to protect their health, their homes, their cars or their financial futures. A few simple strategies can ensure consumers have the coverage they need to avoid financial ruin should they experience an accident, injury or natural disaster.
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