These days, most people are very conscious about where their money goes. No one likes to spend money on something unnecessarily, especially when it could be used somewhere else. But what about insurance? Often times it may seem like you’re paying money for something that you’re not using. But even if you’re not making a claim, insurance offers you something that you can’t put a price tag on: peace of mind.
If you’re having trouble financially justifying your insurance policies, read on to learn why it’s important (now more than ever!) to keep yourself safe and prepared by remaining insured with Philadelphia insurance.
Consider This Insurance Advice
Go For The Higher Deductible
While you might be tempted to choose a lower deductible, from an insurance stand point it makes more financial sense to save on premiums and opt for higher deductibles for almost every type of insurance.
Due to paper work and processing, small claims can be costly for the insurer. These costs are built into low-deductible plans. Additionally, when you have multiple claims on your home or auto policies, your premiums could be raised.
If you use insurance to safeguard yourself against major catastrophes and are willing to cover the minor inconveniences, you will be choosing the most cost-effective method. Try putting the money you save on premiums into an emergency fund to further protect yourself! We recommend setting aside somewhere between three and six months’ worth of living expenses to account for minor events that are less than your deductible or more significant uninsurable events, such as layoffs.
Hire An Insurance Agent
Need an insurance agent? Consider hiring an agent from Insurance Shops for all your Philadelphia insurance needs. Why is this important? Because insurance agents can customize plans in order to best serve your needs. And an agent’s job does not stop once you purchase your policy – they will continue to advocate for you when troubles arise. Agents can negotiate with the insurance companies to help you in little ways that you wouldn’t have known to do yourself!
Insurance To Purchase Immediately
If you don’t have the following insurance coverages, Insurance Shops recommends choosing a policy as soon as possible:
- Health. If purchasing from the health insurance exchange, it is recommended that you opt for “open access PPO” so that you don’t need a referral to see a specialist.
- Term Life. Once you have kids, choose the 20-year plan.
- Disability. If you are willing to wait 90 days until benefits become effective, you can save up to 40%.
- Auto. Your liability limits should be high enough to cover your assets.
- Homeowners. Don’t skimp out on the replacement value of your home in exchange for a lower premium.
Call Insurance Shops Today For Your Philadelphia Insurance Needs
If you’re considering purchasing an insurance policy in any area, contact the professionals at Insurance Shops in Philadelphia. We can handle all your insurance needs from umbrella insurance to pet insurance!
