Aug
03

Switching Insurance Providers May Lead to Unexpected Consequences

August 03, 2011

An umbrella covering a houseAll of us could use a little extra money in our pockets each month, and we’d like to have that money as soon as possible. This is exactly what insurance companies rely on with their commercials. You’ve surely seen at least one of these advertisements, each one carrying the same basic message: Call us now and in no time, you could be saving hundreds of dollars in insurance costs. However, a recent post on the

Equifax Personal Finance Blog reveals some of the dangers that stem from impulsively switching insurance providers.

Insurance expert Linda Rey says that buyers may not know exactly what they’re getting with a brand new policy. Unless you can guarantee that your new policy is the same as your old one, you may not be saving money at all. By the time many people realize this, it is too late for them to switch back to their previous provider.

Rey’s article, “

Switching Insurance Plans Can Cost You More In The End,” tells the story of a client who moved his homeowner’s insurance and experienced buyer’s remorse. Although he switched policies in an attempt to save money, he did so by (unknowingly) purchasing less coverage. On top of that, his deductible was higher and his liability was lower. Rey says that if he had given her a chance to quote the coverage differently or even to counter offer, she could have helped. By the time he realized what had occurred, underwriting guidelines had changed, and he couldn’t get his previous rate for his previous coverage level.

As Rey’s article points out, if you want to save money on coverage for your Chicago real estate, talk to the company that knows you first. For the full article and links to other articles on homeowners insurance, visit the

Equifax Personal Finance Blog.

If you’ve ever switched insurance plans and regretted it later, let us know in the comments!

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

1 Comments

1

yes, you cannot make decisions simply based on dollars and cents. Although most of do that very thing. It’s good to talk with your health care provider as they work with all the insurance providers. Just ask the front office folks.

Leave a Comment

Copyright © 2008-2017 mRELEVANCE, LLC | Chicago Real Estate News | Chicagoland Real Estate Forum. All rights reserved. Thank you for visiting Chicago Real Estate News Chicagoland Real Estate Forum, Real Estate Listings and Information Provided by MLC Realty, Inc.
Internet Marketing by Marketing RELEVANCE

Equal Housing Opportunity

1819 W Grand Ave | Chicago, IL 60622