Insurance is probably the least interesting purchase the average consumer will ever make, unless you can save money. You hear the commercials and they all sound the same; some use humor, some overload you in statistics, and others pull at your heart trying to convince you they are the best. While all of these can be effective, as a consumer you should always shop for coverage and here is why:
- It’s been too long. The average consumer has not shopped auto or home coverage in many years, if ever. We recommend you shop annually.
- Your situation continually changes. You’ve graduated college, got married, had children, moved houses, zip code, changed vehicles, changed careers, etc. but never considered how these factors might impact your insurance coverage.
- Insurance companies have different risk appetites. While your situation is continually changing, so is your insurance company’s risk appetite. Perhaps they like teen drivers or maybe they don’t. Shopping around is the only way you will know if lower rates are available.
- Bundling may not be your best option. Many assume that having all of your policies in one place is best, however each consumer’s situation is unique and sometimes unbundling is the best option.
- You might need an umbrella policy. Adding this added layer protection is essential as the consumer’s financial situation evolves. Many times it can be added for a minimal increase in premium.
- Your coverage may be lacking. What are your deductible limits? What are your liability limits? Will the full value of your roof be replaced after a storm? These are all important questions to ask during the shopping phase. Do you have items that need a separate endorsement such as art, guns, jewelry, etc?
- You could save hundreds of dollars. While your risk profile has likely improved over the years, your premiums have only gone up. Shopping is the only way to ensure you are getting the best deal and could save you hundreds per year.
Insurance is a very valuable component of overall financial wellness. If you haven’t shopped for insurance coverage in a while, you should seriously consider it to make sure your family is protected in times of need. At worst, you can have peace of mind knowing you are covered. At best, you can improve your coverage and save hundreds of dollars per year.
About 7 Insurance: Independent insurance agency headquartered in Knoxville, TN and licensed in 30 states. Our agents are not paid commission so you can rest assured you are getting the best policy at the best price available. Our new clients save an average of over $500 per year when switching insurance coverage. And because we know your needs change, we automatically review your policies for you every year to ensure you are receiving maximum value from your policies. For a quote, call 865.859.0591 or visit www.7.coop/insurance or email us at firstname.lastname@example.org