In case you haven't noticed, Home and Auto insurance has become completely commoditized over the last few years. What was once purchased with thought towards obtaining proper protection has become a "lowest bidder wins" main stream mentality. The big guys with their billion dollar advertising budgets are making a mockery out of financial protection. They are banking on the simplistic thinking of the American public and doing a disservice to their customers and to the insurance industry.
When you examine their "standard" coverage it doesn't take long to recognize their priorities. In Massachusetts, it's well known that the cost difference between $50,000 of property damage liability and $100,000 of property damage liability protection is $2.00 annually. With the number of vehicles on the road today valued over $50,000, professional insurance agents never recommend less than $100,000 of coverage. To offer less would be leaving customers exposed to paying out of pocket for potentially large losses when their policy limit is exhausted. Why would any insurer want to offer $50,000 as standard coverage? Well, when you figure you're only getting $2.00 in premium, it's not worth it to provide the customer with that much coverage. What does that say about that insurance company?
At Fitts Insurance, our goal is not to be the lowest price. Our goal is to provide our customers with coverage tailored to their specific needs so that when they have a loss, they get paid the way the expect to be paid, the way they should be paid. By partnering with insurance companies who have a history of stable financial responsibility and high ranking customer service, it just so happens that the majority of the time we are the best priced. If we're not the best price, we're more often than not, very competitive.
The number of discounts and coverage enhancements that are now available are numerous and coverages are updated or enhanced often in a quest to offer the best coverages and pricing. Nearly every insurance company that offers both home and auto insurance has made efforts to promote "bundling" or combining of home and auto insurance policies with the same carrier. In most cases, when the same company insures your home and auto policy, the total account premium you see may be difficult to beat. Arbella Insurance, for example, has been marketing their "CARPARTMENT" insurance. Regardless of the sound of it, the coverage is still arranged on two separate policies, however from the company's perspective, the two policies are viewed as working in tandem with each other to provide the customer with comprehensive coverage for both their home and auto.
Renters often assume they have no need for renter's insurance, also called tenant's insurance. Tenant's insurance is a form of homeowners insurance that provides not only personal property coverage (coverage for your "stuff"), but personal liability coverage as well. Often overlooked, personal liability coverage really can be more important that property coverage. While you can take inventory and come up with a value for your "stuff", it's much harder to approximate how much you might be liable for if you are sued for bodily injury, personal injury or property damage you cause when you are not using your car. Recommended personal liability limits usually start at $300,000 or $500,000 and will respond to defend you and pay damages if you are found negligent in accidental injury or property damage to another. The sky is the limit for the types of things you might be sued for, but here are a few typical liability claims that have been defended by homeowners policies:
*injury sustained by a guest who falls down the stairs
*a child guest is injured on a swing set
*a guest is injured in a pool
*you knock over a display at a supermarket causing injury to a child
*while mowing the lawn you hit a rock which projects into the street hitting a passing car causing damage
*an errant shot on the golf course injures a player on another hole
*you are sued for a comment you post on social media that another person claims caused them injury or damage
As you can see, protecting personal property is one small reason to purchase a renter's policy, but liability coverage can be a much bigger reason.
The cost of a renter's policy is surprisingly affordable. You can expect to pay between $125 and $300 for a typical renter's policy in our area and the premium is most impacted by the amount of personal property you wish to insure. When you consider the cost of a renter's policy and the likely account credit you can expect on your auto policy for purchasing both policies with the same company, and you can add the renter's policy for only a few dollars and in some cases no additional dollars than what you are already paying for your auto insurance.
Got questions? Need help deciding how much to insure or if you should insure at all? Need prices for different options, deductibles, etc? No problem. All of our account managers here at Fitts Insurance are more than happy to spend whatever time it takes to make sure you're comfortable with your coverage options and price.
Call us today for more information or go ahead and submit a quote request and let us provide you with competitive pricing and coverage options that suit your needs. We look forward to hearing from you.
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