Here are a few pieces of valuable advice to keep you on track when it comes to insurance:
Never drop your flood insurance:
Flood damage is not covered in standard policies. Ever. 25% of all flood based losses occur in low flood risk areas, proving that you “just never know”. Additional information on flood insurance can be found at.
Sticking with the bare minimum of auto coverage: Minimum coverage is what you can get away with by law in your state. It may cost less out of pocket but can do you in down the road if you do happen to have an accident or incident, and if you are sued, you could be in real financial danger. The insurance industry generally recommends $100,000/$300,000 per accident.
Not buying renters insurance: Especially if you have a small apartment the temptation is to think “I don’t have that much stuff”, but you would be surprised if you sat down and listed out all of your possessions and living expenses you would need to replace and support if you had to quickly move out due to a fire or hurricane. The coverage also included that most do not consider is an injury. If someone is hurt in your rented home, it can protect you from a lawsuit and cover them for health care bills. Renters Insurance policies are incredibly inexpensive, especially for the value, costing only a couple hundred dollars a year at the most.
Insuring based on perceived real estate value: You should value based on replacement building cost. Make sure that you have enough coverage to completely rebuild as well as replace all of your possessions regardless of the current market value.
Picking your insurance based solely on price: It is important to choose a company with competitive prices. But be sure the insurer you choose is financially sound and provides good customer service.
Working with Centennial Insurance gives you the knowledge and buying power of our agency and agents.. Give us a call today for an insurance check and make sure you’re covered. (239) 247-5125.