When your life changes oftentimes your insurance needs to change, too. Yet it’s not always clear what kind of insurance protection fits you, your family or your business.
When your
life changes oftentimes your insurance needs to change, too. Yet it’s not
always clear what kind of insurance protection fits you, your family or your
business. What a family of six needs is much different than what a single
20-something needs. That’s why at ERIE, an insurance agent is there to help you
get everything squared away.
Here are six
questions you should ask your agent:
1. My family is growing and
changing. What coverage should I consider?
Life
insurance is something most families need. The primary reason most people buy
life insurance is to protect their loved ones from the financial burden after
an unexpected death. To get a rough idea of how much you’d need, check out
ERIE’s Life Insurance Calculator.
A
typical homeowner’s policy covers personal belongings and furnishings up to
certain policy limits. For higher-valued items, such as a diamond ring, a rare
piece of art or expensive electronic equipment, you may want to expand your
protection with higher policy limits or extra coverage.
If
a teenager in your home is learning how to drive, you’ll need additional auto
insurance once the teen is licensed.
2. Do I need additional insurance
if I’m remodeling or adding on to my home?
In
some cases, remodeling projects can increase your home’s value. If they do,
you’ll want to adjust your insurance coverage so your home’s reconstruction
cost is fully protected. Your insurance agent can help advise you in this
situation. He or she can also let you know more about the kinds of insurance a
contractor should have in place before work begins.
3. I’m fresh out of school and new
to the workforce. What coverage do I need?
If
you’ve left home and are renting an apartment, you’re no longer covered by your
parents’ homeowner’s policy. Instead, you’ll need renter’s insurance to cover
your belongings and more.
When
it comes to auto insurance, you may be tempted to buy a bare bones policy to
save money. That’s a risky move because it may not give you enough protection.
If your insurance policy doesn’t cover all the damages, your savings and future
wages could be at stake.
If
you have student loans or debts, ask an insurance agent about life insurance.
It may not be something you want to think about, but you want enough life
insurance coverage to cover final expenses like a funeral service if something
were to happen to you.
If
someone like a parent cosigned on your loan, life insurance can help them avoid
getting stuck with the bill. The good news? Life insurance is far cheaper than
most people think—and that’s especially true when you’re young and healthy.
4. What
coverage do I need for my home-based business?
From
inventory to libel issues to customers visiting your home, home-based
businesses need coverage. Depending on the nature of your home-based business,
you may need a simple endorsement to your homeowner’s insurance policy or a new
policy.
5. A friend was sued after a car accident.
How can I make sure I’m protected against something like this?
Your
insurance policy already includes liability coverage, yet state minimums are
almost never enough for most drivers. Having too little liability coverage puts
you and your assets at risk.
Personal
Catastrophe Liability (PCL) coverage (commonly
known as “umbrella” insurance) provides an extra layer of liability protection
over and above your auto and homeowners policies if you (or a covered family
member) are sued. For most people, an extra $1 million in coverage costs less
than $20 a month. Your insurance agent can review your auto insurance policy
limits and tell you more about PCL.
6. How can I save money on my
insurance?
Nearly
all insurers offer price breaks on coverage based on having a safe driving
record and bundling your auto and homeowner’s coverage. Talk to your ERIE agent
to find out more. There are also other ways to lower your bill.
It’s
important, though, to be cautious about selecting an insurance company based
solely on price. Instead, seek out companies with reputations for excellent
customer service, strong financial standing and a reputation for handling
claims quickly and fairly.
No
matter what stage of life that you’re in, seek the advice of an experienced
life insurance specialist – Kira
Ramsey at The Agent Insurance Services.
She can help you find the
right coverage at the right price to fit your needs.
The Agent | (330) 758-3339
A BLOG FROM ERIE INSURANCE
by Carolyn Sennett on