Common mistakes consumers make when purchasing insurance.

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“40% of Respondents said they were not confident or only somewhat confident that they have adequate and appropriate insurance coverage for their needs.”

A new national survey conducted by Trusted Choice and the Big I revealed this alarming statement.

Many of you have returned the Renewal Checklist we mailed to you in December.  We will be reviewing these checklists and getting in touch with you if we have not already done so. Thank you for taking this step.

It is very important that you keep us updated on any changes in your lives.  See page 4 of this newsletter for some details on how life changing events can affect your insurance coverage.

There are many common mistakes that consumers make when purchasing insurance.

  • Not understanding their limits – If your property damage limit on your auto insurance is only $25,000 then you are responsible for any property damage you cause over $25,000.  This is just one example.
  • Disregarding Discounts – Do you have your auto and home insurance with different companies?  It may be appropriate to do this but you could be losing a 15 or 20% discount.  Are you receiving all your discounts?
  • Not insuring valuables properly – Most valuables such as jewelry, furs, silverware, fine arts and collectibles have specific limits on the amount of coverage on a standard homeowner’s insurance policy.  Many of these items should be insured under a separate policy.
  • Not protecting your biggest asset: your home – Changes in occupancy, putting the home in a trust, renting your home while you are away, or leaving a home vacant will impact your homeowner’s insurance.  Not having the proper coverage such as flood insurance, backup of sewer and drains, and ordinance or law coverage can leave you paying for claims out of your pocket.
  • Choosing the cheapest policy – At Spencer Insurance Agency we know the “True Cost of Insurance” includes the money you spend out of pocket since you did not have the proper coverage.  Choosing the cheapest rate could be devastating to your finances and bankrupt you.

Dealing with an independent insurance agent like Spencer Insurance helps you select the best coverage at a competitive price.  Spencer Insurance represents many quality insurance companies so we can find the best insurance package for you.  Call us today at 215-885-2200 to ask for a review of your insurance.

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