When it comes to insurance, it can be tempting to opt for lower amounts of coverage. But in the long run, there are compelling reasons to choose more a more comprehensive policy that an experienced insurance agent at Smyrl Insurance can help you find. In this article, we’ll explore why it makes sense to boost your policy coverage, and a few ways Smyrl Insurance can help you make those choices.
Why boost your policy coverage?
In the state of Pennsylvania, there are certain minimum insurance requirements for motorists—minimum types and amounts of coverage you need to have in place if you are going to drive a vehicle. And while there isn’t a state law mandating that you have homeowner’s or tenant’s insurance, many mortgage companies and even some lease agreements will require you to have coverage.
But why go beyond the bare minimum with the policies you choose? Here are a few reasons boosting your coverage beyond the minimum requirements can benefit you:
- Increased peace of mind. When you purchase an insurance policy that only meets the most basic requirements of the law, the compensation you are eligible to receive if you file a claim is also limited. Catastrophes like a major car accident, an injury on your property, or significant damage to your home by a covered peril can lead to expenses far beyond the ability of a basic policy to cover. Knowing that you opted for a higher coverage amount gives you the peace of mind that there will be more protection available to you in the event of damage or loss.
- More coverage for higher bills. Particularly when it comes to vehicle insurance, the cost of recovering from an accident is continuing to rise. Today’s more technologically sophisticated cars often cost more to repair than older cars. The cost of healthcare and medical treatment is also growing. What both of these factors mean is that the bare minimum coverage is even less likely to be enough to protect you in the event of an accident today than it would have been in the past.
- More coverage for different kinds of incidents. Did you know that homeowner’s insurance doesn’t automatically include coverage for flood or earthquake damage? And did you know that some states, like Pennsylvania, allow you to opt out of vehicle insurance for uninsured and underinsured motorists? What this means is that if you purchase only the bare minimum in your insurance policies, you could end up with no coverage at all for certain types of damage or loss.
- More coverage for little or NO additional cost. We often find that purchasing additional limits of Liability coverage are much less expensive than you think. Also, many insurance companies attempt to incentivize folks to be properly insured by offering additional discounts to policyholders that purchase adequate limits. This can make purchasing higher limits less expensive than lower limits.
How to boost your insurance coverage
There are a couple ways you can boost your insurance coverage; here are just a few of them:
- Increase your policy coverage amount. Opt for a policy that provides coverage at a higher amount than the bare minimum required by law or by an agreement with your Mortgage Company or landlord.
- Get additional types of coverage. There are certain types of coverage that may not be required by law or agreement, but that can provide you with much needed protection and peace of mind. For vehicle insurance, these extra types of coverage can include coverage for income loss, accidental death, funeral benefits, extraordinary medical benefits, and more. For homeowner’s insurance and tenant’s insurance, you can add coverage in the event of perils not covered in the standard policy, like flooding or earthquakes.
- Consider an umbrella policy. An umbrella policy provides additional coverage for when there are still expenses related to an approved claim, but your policy’s coverage has run out.
Wondering how to boost your insurance coverage for greater peace of mind and protection for you and your family? Give the experienced agents at Smyrl Insurance a call today!
