Bad Insurance Advice in Pennsylvania & New Jersey

Bad Insurance Advice

If you have an insurance claim, you want to make sure you have the coverage you need.  The agents at Premier Group Insurance will help you determine what coverages you need.

Here are some bad insurance tips you might have heard:

  • Locking up all insurance policies and other important documents in a safe deposit box – This may not be a good idea, because if you’re the only name on the safe deposit box, no one but the executor of your will can get into it without Power of Attorney. If your life insurance policy is locked in there, your beneficiaries will have to wait until the estate is opened by a government entity and an executor is appointed. If you want the assurance of having important documents locked up, buy a fire-safe box. And with today's technology scan everything and create electronic copies.
  • You don't need flood, earthquake or other disaster insurance – These are very important pieces of your insurance portfolio.  Without these additional coverages, you may lose your home in the event of a disaster.
  • Renter's insurance is a waste of money - Many renters mistakenly assume that their belongings are covered under their landlord's policy. Also, if someone is injured while visiting you and sues you, your landlord's insurance won't cover it.
  • Have low limits on your policies - Don't underestimate the value of your home. If you lowball the dwelling value because you have 100 percent extended coverage endorsement, you'll be underinsured for your contents, other structures and additional living expenses.

If you have other questions on misinformation about insurance that you’ve heard, just contact Premier Group Insurance in Pennsylvania or New Jersey.