Increasing rates? Yes, we’ve heard. Most insurance companies within New Jersey have been authorized to increase their rates upon renewal. To help mitigate the effects of these increases, we have developed a short list of questions to ask yourself before your upcoming renewal:
- Do you understand your coverage, and is it appropriate for you and your needs? In the event of a catastrophic loss, you’ll want to make sure that you have enough coverage to start over and feel comfortable while doing so. On the flip side, you should also make sure you are not insured for things you do not need or even have.
- When was the last time you shopped your rate? If your rate has only increased a little bit, you’re golden. But, if your insurance has taken a steep incline, make sure to shop your renewal. Doing this with a broker is best as they can run several rates at once!
- How long have you been with the same company? If you’ve been with the same company for over 5 years, it is likely you’re overpaying. Many companies increase good clients very little every year, but after several years, that could become several hundred dollars that you could be saving.
- Does your insurance company have your credit score? If you did not give your social security number while quoting, the company may not have this information. If you have a good credit score, it may help your rates. If they do have your rate, then ask to have it rerun, which can also have a positive effect on your rate.
Staying in the loop with your insurance and understanding its many components can be difficult. Ask an agent near you for information, or for help today!
