Shopping for insurance is a must-do task for most adults, but many people get insurance quotes and don’t know how to read them. Insurance is not a simple purchase. That is why insurance brokers can be so valuable – to explain the coverage, limits, and costs to their clients. When you get an insurance quote in Nashville, don’t just look at the amount you will pay.
The following are just a few examples of how to evaluate different types of insurance quotes.
1. Bodily Injury Liability Limit – Car Insurance Quote
There are two types of liability coverage: bodily and property. This coverage is found in your car insurance policy and it offers some financial protection in case you cause injury to another person or their property in an accident. Most people grossly underestimate their liability risk. Your home and other assets could be on the line if you cause a serious accident. It’s important to buy a policy with a high enough bodily injury liability limit to protect yourself from a lawsuit that drains you of your home and retirement accounts.
2. Personal Property Limit – Homeowners’ Insurance Quote
This coverage is contained within your homeowner’s insurance policy. It details the basics of coverage for the assets inside your home, like your furniture, electronics, etc. Most people underestimate the amount it will take to replace the items they own. If you have updated the furniture, electronics, and/or the art in your home, for example, it is time to re-examine your personal property limit. You want to look for a personal property limit that is high enough to cover a total loss.
3. Property Liability Limit – Boat Insurance Quote
Just like bodily liability limits, people often underestimate their property liability risk. Property liability coverage protects you in the event you are responsible for damaging another person’s property with your boat. This includes running into other boats, causing damage to the dock, and so on. The amount of liability coverage, or the limit, determines how much money you’ll have to pay for that damage. How much you need depends on the specifics of the accident.
Don’t just get an insurance quote and stop at merely scanning the price. Spend some time to learn what the coverage entails and what it excludes. When you are evaluating your next insurance quote, work with an experienced broker who can explain the quote terms and coverage to you.
Call The Nowell Agency Inc. at 601.992.4444 to get an insurance quote in Nashville, or request an insurance quote online and we’ll give you a call.