We all know that obtaining insurance is a must.  Without the proper insurance in place we run the risk of losing everything from material possessions to our entire home or business, and when shopping for insurance we all want the lowest possible rate we can get.  But, more often than not, when a consumer is shopping for insurance coverage they become fixated primarily on the yearly or monthly premium amount… what am I going to have to pay now?  How much later?  This is a question that should be at the forefront of your mind, as we all have budgetary constraints, however, every policy comes with a specific charge for each line of coverage, and for any specific coverage extensions that might be needed.  With careful evaluation of each quotation, you can often reduce coverage in one area you may not need and boost coverage in another area of high exposure.

It is important to discuss with your insurance agent about the differences between the policies being offered.  Often times there is very little premium difference between two policies, but a great deal of differences in the value each policy is offering in terms of overall protection.  I’ll illustrate this with an example.   [Read more…]