Insurance is one of the necessary evils we face in this great country and we all surely pay too much for this service.
There are hundreds of different combinations of insurance and each person needs to make sure that their policies are working in their best interest and not just making the insurance company a fortune.
The three main forms of insurance are health, automobile and homeowners.
Each policy has different rules and procedures and you can get these three from thousands of insurance companies.
The one thing they all have in common is that you are probably paying too much for your coverage.
Auto Insurance Coverage You Need: 1.
Liability- this covers bodily injury and property damage that may occur during an automobile accident that is your fault.
2.
Comprehensive- pays for any damage that may occur to your automobile that is not the result of an accident, i.
e.
fire, fallen tree.
3.
Collision- covers any damage to yours and any others vehicle in the result of an accident.
Coverage You Don't Need: 1.
No fault (PIP) 2.
Medical Payments 3.
Uninsured Motorist 4.
Emergency Road Service 5.
Car Rental Expense 6.
Death/Dismemberment 7.
Specialty Coverage (glass, audio equipment) You do not need the first three of these coverages because they are covered by your health insurance.
Emergency road service and car rental expenses are rarely if ever used and are not worth paying the extra premium for.
Death/Dismemberment are covered under your health and life insurance.
Specialty coverage is not worth the extra premium as they are generally not costly to pay out of pocket.
Look at your current auto insurance policy and make sure you are not paying for these extra services you do not need.
Homeowner's Insurance Decline this additional coverage: 1.
Removal of Debris- In the event of a disaster involving your home, this will pay up to a certain amount to remove the debris.
Unless you live in an area that is endangered often, this is an unnecessary addition to your premium.
2.
Damaged Property Removal- This coverage is pretty much the same as the first one and is really not necessary.
3.
Fire Department Surcharges- This coverage will pay the fire department bill in the event your house catches on fire.
Unless you are planning on your house burning often, this extra is not needed.
4.
Temporary Repairs to Prevent Further Damage to Property- If a tree falls through your roof, this will pay for repairs to ensure your home will not be damaged further.
Again this is coverage that will almost never be used but you continue to pay for each year.
5.
Trees, Shrubs and Plants- This will cover the cost of your landscaping in case of fire or disaster, however, this will not cover landscaping in the event of a natural disaster.
So basically, your house would have to burn your plants and trees for this coverage to kick in.
6.
Stolen Credit Cards- With so much protection by credit card companies today it is unnecessary to protect your cards with insurance.
Make sure you look over all your insurance policies and find out if you are paying for all these useless coverages.
You could easily reduce your yearly insurance bills by the hundreds just by knowing what coverage you need and what you don't.
There are hundreds of different combinations of insurance and each person needs to make sure that their policies are working in their best interest and not just making the insurance company a fortune.
The three main forms of insurance are health, automobile and homeowners.
Each policy has different rules and procedures and you can get these three from thousands of insurance companies.
The one thing they all have in common is that you are probably paying too much for your coverage.
Auto Insurance Coverage You Need: 1.
Liability- this covers bodily injury and property damage that may occur during an automobile accident that is your fault.
2.
Comprehensive- pays for any damage that may occur to your automobile that is not the result of an accident, i.
e.
fire, fallen tree.
3.
Collision- covers any damage to yours and any others vehicle in the result of an accident.
Coverage You Don't Need: 1.
No fault (PIP) 2.
Medical Payments 3.
Uninsured Motorist 4.
Emergency Road Service 5.
Car Rental Expense 6.
Death/Dismemberment 7.
Specialty Coverage (glass, audio equipment) You do not need the first three of these coverages because they are covered by your health insurance.
Emergency road service and car rental expenses are rarely if ever used and are not worth paying the extra premium for.
Death/Dismemberment are covered under your health and life insurance.
Specialty coverage is not worth the extra premium as they are generally not costly to pay out of pocket.
Look at your current auto insurance policy and make sure you are not paying for these extra services you do not need.
Homeowner's Insurance Decline this additional coverage: 1.
Removal of Debris- In the event of a disaster involving your home, this will pay up to a certain amount to remove the debris.
Unless you live in an area that is endangered often, this is an unnecessary addition to your premium.
2.
Damaged Property Removal- This coverage is pretty much the same as the first one and is really not necessary.
3.
Fire Department Surcharges- This coverage will pay the fire department bill in the event your house catches on fire.
Unless you are planning on your house burning often, this extra is not needed.
4.
Temporary Repairs to Prevent Further Damage to Property- If a tree falls through your roof, this will pay for repairs to ensure your home will not be damaged further.
Again this is coverage that will almost never be used but you continue to pay for each year.
5.
Trees, Shrubs and Plants- This will cover the cost of your landscaping in case of fire or disaster, however, this will not cover landscaping in the event of a natural disaster.
So basically, your house would have to burn your plants and trees for this coverage to kick in.
6.
Stolen Credit Cards- With so much protection by credit card companies today it is unnecessary to protect your cards with insurance.
Make sure you look over all your insurance policies and find out if you are paying for all these useless coverages.
You could easily reduce your yearly insurance bills by the hundreds just by knowing what coverage you need and what you don't.
