ERIE, Pa., June 7, 2017 /PRNewswire/ -- When your life
changes your insurance often needs to change, too. Yet it's not
always clear what kind of insurance protection fits you, your
family or your business. What a family of six needs is much
different than what a single 20-something needs.
Here are six questions to ask your insurance agent at
various life stages:
1. My family is growing and changing. What coverage
should I consider?
- Life insurance is something most families need. The primary
reason most people buy life insurance is to protect their loved
ones from the financial burden after an unexpected death. To get a
rough idea of how much you should consider, check out ERIE's Life Insurance Calculator.
- A typical homeowners policy covers personal belongings and
furnishings up to certain policy limits. For higher-valued items,
such as a diamond ring, a rare piece of art or expensive electronic
equipment, you may want to expand your protection with higher
policy limits or extra coverage.
- If a teenager in your home is learning how to drive, you'll
need additional auto insurance once the teen is licensed.
2. Do I need additional insurance if I'm remodeling or adding
on to my home?
In some cases, remodeling projects can
increase your home's value. If they do, you'll want to adjust your
insurance coverage so your home's reconstruction cost is fully
protected. Your insurance agent can also help you
understand more about what insurance a contractor should
have in place before work begins.
3. I'm fresh out of school and new to the workforce. What
coverage do I need?
If you've left home and are renting an
apartment, you're no longer covered by your
parents' homeowners policy. Instead, you'll need renters
insurance to cover your belongings and more.
When it comes to auto insurance, you may be tempted to buy a
bare bones policy to save money. That's a risky move because it may
not give you enough protection. If your insurance policy doesn't
cover all the damages, your savings and future wages could be at
stake.
If you have student loans or debts, ask an insurance agent
about life insurance. If someone cosigned on your loan, life
insurance can help.
4. What coverage do I need for my home-based
business?
From inventory to libel issues to customers
visiting your home, home-based businesses definitely need
coverage. Depending on the nature of your home-based business, you
may need a simple endorsement to your homeowners insurance policy
or a new policy.
5. A friend was sued after a car accident. How can I make
sure I'm protected against something like this?
Your
insurance policy already includes liability coverage, yet state
minimums are almost never enough for most drivers. Having too
little liability coverage puts you and your assets at risk.
Personal Catastrophe Liability coverage (commonly known as
"umbrella" insurance) provides an extra layer of liability
protection over and above your auto and homeowners policies in the
event that you (or a covered family member) are sued. For most
people, an extra $1 million in
coverage costs less than $20 a month.
Your insurance agent can review your auto insurance policy limits
and tell you more about PCL.
6. How can I save money on my insurance?
Nearly all
insurers offer price breaks on coverage based on having a safe
driving record and bundling your auto and homeowners coverage. Talk
to your ERIE agent to find out
more.
Be careful about selecting an insurance company based
solely on price. Instead, seek out companies with reputations for
excellent customer service, strong financial standing and a
reputation for handling claims quickly and fairly.
No matter what stage of life that you're in, seek the advice of
an insurance professional like an Erie Insurance agent to help
you find the right coverage at the right price to fit your
needs.
According to A.M. Best Company, Erie Insurance Group,
based in Erie, Pennsylvania, is the
10th largest homeowners insurer and 12th
largest automobile insurer in the United States based on
direct premiums written and the 15th largest
property/casualty insurer in the United States based on
total lines net premium written. The Group, rated A+
(Superior) by A.M. Best Company, has more than 5 million
policies in force and operates in 12 states and the District
of Columbia. Erie Insurance Group is a FORTUNE 500
company.
News releases and more information about Erie Insurance Group
are available at www.erieinsurance.com.
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SOURCE Erie Insurance