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Tuesday Tip #6

Insurance mistakes to avoid:

Avoid these common mistakes and you’re on your way to getting the best insurance for your needs and budget.

~ Insuring a home for its real estate value rather than for the cost of rebuilding: When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home. But insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings—no matter what the real estate market is doing.

~ Selecting an insurance company by price alone: It is important to choose a company with competitive prices. But be sure the insurer you choose is financially sound and provides good customer service.

~ Only purchasing the legally required amount of liability for your car: The minimum is just that—the least you can get away with by law. So buying only the minimum amount of liability means you are likely to pay more out-of-pocket later. And if you are sued, those costs can jeopardize your financial well-being.

~ Neglecting to buy renter's insurance: A renter's insurance policy covers your possessions and additional living expenses if you have to move out due to an insured disaster, such as a fire or hurricane. Equally important, it provides liability protection in the event someone is injured in your home and decides to sue.

Call Mark at 781-837-1941, because he won't let you make these mistakes!

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