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More than ever, consumers are looking at price as the chief consideration when making buying decisions.  This is understandable given the economy, but it’s also very dangerous.  If you only look at pricing, you’re not going to get any more protection than the State of Ohio, or your bank or mortgage company requires.  You could be left paying out of pocket, or worse, selling assets to satisfy a judgment against you.  Below are thoughts on auto, home and term life insurance in Ohio.

Home and CarOhio car insurance is very competitive, with millions of dollars spent in advertising every week.  Most of these commercials tell you how much the average person that switched saved.  While there aren’t as many different coverage considerations as there are with Ohio homeowners insurance, companies do have different guidelines for settling claims and raising rates.  Information is power, and you’ll want to find out if the carrier uses aftermarket body parts.  Also, how much will your policy increase if you have a ticket or a claim.  Is there a dollar threshold for a claim that won’t cause an increase?

Homeowners insurance coverage in Ohio varies drastically between companies, even when the amounts of coverage and deductibles look the same.  Many carriers are mailing out quotes that have important coverages “gutted out”, to keep the price low.   You need to know whether or not you have “All risk” perils on your home and personal property, the amount that will be paid if your home is destroyed, and about exclusions in the policy.  A covered claim on one policy can be a huge out of pocket expense on another.

Term life insurance is becoming commoditized.  Once you settle on the amount of coverage and the length of the term you need, understanding a few things about the product, you can choose a carrier on price.  First, make certain that the carrier is highly rated for financial strength.  You need to feel confident that the insurer will be able to pay the claim when they’re asked to.   Make certain the policy provides premiums that are “guaranteed” not to increase throughout the policy term.  Many policies allow you to “convert” the policy to a permanent plan of protection without showing evidence of insurability.  Not all companies allow you to do this at any time throughout the policy term, so make certain you’re comfortable with this provision.

Ohio insurance policies are legally binding contracts and most people benefit from the expertise and guidance of an independent agent.  Policies are not  standardized, meaning company A can, and does, have different policy language than company  B.  If your home or condominium is your biggest investment, don’t choose an inferior policy to save a few dollars unless you understand the risk.  Be informed with car insurance, as one speeding ticket may increase your premium dramatically with the new company you’re considering.   With term life insurance, you might be able to choose a product on price, if you know what your needs are and are comfortable with the few things we discussed.  Taking the time to understand the differences between them, and choosing a policy that fits your needs and budget will protect your assets best and help you sleep better at night.

Call us today discuss your Ohio insurance options at 800-773-1007. 
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