June 28th is National Insurance Awareness Day. In honor of this day, Williamson Forward got in touch with our friends at City Insurance & Financial Services, Inc. of Williamson, West Virginia to get some information on this important topic.
Remember the Essentials
“Five essential insurance policies most everyone should consider include home, auto, life, health, and disability,” Says Michael Black, MBA and CEO of City Insurance. “Personal Catastrophic Liability/Umbrella Insurance is one of the most cost effective policies to ensure higher levels of liability protection.”
As we get older, there’s other things to consider. Michael says. “After age 60, Long-term Care Insurance should be a consideration.” This can help cover costs associated with the longer-term care sometimes required by seniors, such as nursing home facilities and home health care.
Understand the Limits
Michael also emphasizes the importance of having the right amount of coverage. “Having coverage is important, but having appropriate levels of coverage is even more important,” he says. “Full coverage does not necessarily assure that you are fully covered. Meet with your agent and be certain to understand every coverage listed on your policy, as well as what may not be covered.” Understanding the limits of your insurance are vital for understanding what’s best for you.
While we all want to be cost-effective when shopping for insurance, don’t let it be too much of a barrier. “Most people shop for insurance based on cost, but do not realize the impact of having too low limits until it’s too late,” Michael says. “For example, the average cost of umbrella insurance is between $150 and $300 per year, and it increases liability limits on home and auto insurance to $1,000,000.” Liability insurance might fit better into your budget than you realize, and accidents, Michael says, can cost so much more than we would expect.
Today is the perfect day to take these things into consideration and look through your policies!
Photo from City Insurance & Financial Services Facebook page.