In the season after the holidays, we are all looking for ways to tighten belt save money in the new year - especially as the economy continues to be slow, with no end in sight. But when making resolutions for the coming year, the Insurance Information Institute (III) reminds us not to be penny wise and pound foolish in reducing insurance costs in a way that could cause more problems later. III advises consumers to avoid the 5 largest insurance errors:
- Provide a home for its real estate value rather than the cost of the reconstruction
- Select insurance company by price alone
- Dropping insurance against flooding
- only purchase the amount required by law the responsibility for your car
- Neglecting to buy renters insurance
III elaborates on each of these errors and suggests better alternatives of
other common mistakes we see, which can cost you money :.
- Forgetting to keep recipients updated
- Do not understand what a policy does and does not cover
- Buy too much or too little coverage
- Forgetting to update the coverage to reflect major life changes, such as birth, marriage, new homes
- not checking the agent or insurer licenses
- not taking advantage of potential reductions
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