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It is amazing to me that people are so naive that they think they can “Pick their own price” for car or home insurance and get more coverage for less money!  Today, I saw one of the declarations pages from a “Pick your own price” homeowners insurance policies and I was shocked at the coverage differences.  This client left us because he saved a few hundred dollars on his new policy with “Pick a Price Insurance co.”  What he did not realize was that his deductible for most losses went from $1000, to $2500.  His wind and hail and hurricane deductibles went from $1000 to over $10,000!!  His personal property coverage was reduced by 30% and his Loss of use coverage was reduced by 80%!!

Now, I am all for saving money and no one wants to over pay for insurance, but this customer did not get a good value for his money.  Trust me, following the next hail storm he will not be satisfied with a $10,000 deductible.  Also, if he and his family are forced out of their home for a year while it is being rebuild following a fire, he is not going to be happy living at the local extended stay motel.  Because that is all his policy will be able to afford for Loss of Use.

Don’t waste 15 minutes Picking a Payment to save a few hundred dollars if your policy isn’t worth the paper it’s written on.  There is a difference between a cheap policy and a policy that is a good value.  One cost less and the other pays more.  You decide which you prefer after your next loss.

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