The Right Insurance

The Right Insurance
By:  Holly Brantley

Cape Girardeau, MO - With so many different types of insurance, how do you know you have what's right for you? Here are some tips to save you time and money…and help you rest easier knowing your family is protected.

Financial Planner, Derieck Hodges, says having core types of insurance helps families make solid financial plans. "Once that's done, you can breath easier."

Hodges says the core types of insurance are: Auto, Home/Renter, Health, and Life. But, these aren't the only coverage plans to consider. "Disability Insurance is often over looked," said Hodges. But, if you need money to come in when you are sick, or hurt, disability insurance should cover that.

Hodges says it's a good idea to have enough insurance to cover the big set backs that you can't handle yourself. Meanwhile, keep enough cash reserves to take care of what you can handle. "Some people buy Towing Insurance," said Hodges. "I think Towing Insurance is something most people could probably do without by saving some money. But, I think Earthquake Insurance is probably something people couldn't handle themselves so that's a good coverage to buy."

Insurance is a big slice of the budget for most families, but there are ways to reduce the cost.

Hodges has these suggestions, "Look at deductibles on various insurance. Try to go with higher deductibles and handle smaller claims yourself. You'll get a lower premium that way."

To Keep Premiums low for your home it's a good idea to have smoke detectors, fire extinguishers, and dead bolt locks. Keep your credit score high for the best rates.

For Car Insurance, consider higher deductibles on comprehensive and collision. Remember, safe drivers get lower rates.

Advisors recommend Earthquake and Tornado Insurance for folks in the Heartland. But, be sure to read the find print for details on where you can rebuild your home, and how much damage is covered.

Another tip, remember you’ll pay for your friends bad driver if he or she borrows your car and has a wreck.