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Insurance Mistakes That Could Affect Your Chicago Home

January 17, 2011

An umbrella covering a houseDid your mother ever tell you that some people are good for nothing but a bad example? At the

Equifax Personal Finance Blog, insurance expert Linda Rey is giving the rest of the world the benefit of her experiences with clients who have made bad decisions regarding their insurance. Sound insurance purchases protect your assets – including your home – so it may be wise to learn from others’ mistakes.

Rey’s article, “

5 Mistakes My Customers Make With Their Insurance,” lists – you guessed it – five mistakes homeowners and others make when managing their insurance. The number one mistake is reducing or removing coverage. This may be tempting at the beginning of a new year when resolutions regarding money management are top of mind, but Rey warns that reducing coverage and premiums now may not pay in the long run. Insurance is a protection for your assets, and the dangers that were there before – such as personal injury lawsuits or property damage – are as real today as ever. If something happens and you’re not covered, you could end up paying heavily.

Another mistake is changing agents or carriers without first having an honest talk with your current agent. Rey says that agents value customers who are loyal and they appreciate the opportunity to reassess your insurance portfolio before you just up and leave. She also points out that a lower premium doesn’t necessarily mean better value – it could just mean that you have less protection.

Rey offers three additional mistakes, ending with procrastination. What about you? Are you procrastinating on important insurance purchases and decisions? Don’t hesitate to check out Rey’s articles on the

Equifax Personal Finance Blog and begin taking control of your insurance coverage and asset protection now!

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

1 Comments

1

Thanks for the tips! When you gather considerable assets, underinsuring is a huge mistake! Also buying Umbrella insurance is a good idea so that you don’t lose everything you have in a lawsuit.

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