How Good Is Your Insurance Coverage?

What does your insurance policy look like? Given the state of the economy, and the fact that many people are going through rough times you may have tried to cut down on coverage for your home or your car here in beautiful South Florida. Carrying the minimum coverage can only offer you so much financial protection though, and you might be running unnecessary risks that could cost you more than the premiums for more comprehensive coverage.

The liability component of both your home and car insurance are designed so that you have some resources if someone files a third party claim against you for injuries you may have caused. However, in a basic policy, there are limits to the amount of liability coverage you have, and if a case is awarded against you, you may be facing a situation where the amount of money you have to pay to settle with the claimant exceeds what your insurance will pay. Unless you have a stash of savings, you may be put in a position of having to take out a loan or, worse, sell your house to come up with the funds.

Managing ongoing payments for insurance premiums can get challenging, particularly when your financial situation is stretched. However, with some diligent budgeting and some help from your agent. You can now look into cost cutting strategies that don’t mean dropping your level of coverage so that you have the financial protection you need. To find out more, contact us today!