Colorado Home and Auto Insurance Mistakes

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There are a number of common mistakes some people make when it comes to purchasing insurance in Colorado. Colorado home and auto Insurance are products you buy in case the unexpected happens. Unfortunately, by the time you need it, it’s too late to make sure you have the right type and amount of insurance coverage. Make sure you don’t make the following mistakes while buying Colorado home and auto insurance.

Mistake One

Having two agents is better because they keep each other competitive

Having two agents duplicates effort and can create coverage gaps. For example, there are certain coverage’s that can be included under a liability policy and auto policy. One agent is better able to manage your entire insurance program.

Mistake Two

The lower the premium the better

Premiums are determined by a combination of exposures and coverage. If you get a lower premium you may be missing needed coverage. For example, does the lower premium include replacement cost coverage on buildings and equipment?

Mistake Three

Buying from a national company is always better.

Don’t listen to the entertaining advertising on TV. Most national agents only represent one insurance company. They can’t shop your account to determine the best combination of price and coverage.

Mistake Four

The internet is a great place to get good insurance deals

Low cost internet insurance usually allows you to select the coverage and limits you want. But in most cases you end up with a limited and inadequate program. You find this out after you have an uninsured claim.

Mistake Five

Not knowing your policy

Consumers’ biggest mistake is not knowing what’s in the fine print of their policies. Take time to read the policy. Ask your agent to meet with you at least annually to review your coverage.

Mistake Six

I don’t need disability insurance because I can get Social Security

Don’t count on Social Security to take care of all your needs if you become disabled. The cost is not as much as you may think.

Mistake Seven

There isn’t anything I can do to manage my insurance costs except shop price

There are many things you can do to reduce your premiums, here are a few:

  • Consider increasing your deductibles
  • Consider the vehicle model when make a purchase, some are more expensive to insure
  • Add smoke and security alarms to your office

 

The single biggest mistake you can make, not calling Colorado Insurance for your Colorado Home and Auto insurance needs.

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