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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 policy declarations pages from a “Pick your own price” homeowners insurance policy 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; no one wants to over pay for insurance, but this customer did not get a good value for his money.  Following the next hail storm he probably 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 rebuilt following a fire, he may not be happy living at the local extended stay motel. 

Is it worth 15 minutes to pick your 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 costs less and the other pays more.  You decide which you prefer after your next loss.  I have never had a client complain about the cost of his or her coverage after their home was rebuilt following a catastrophic loss.  The old saying, "You get what you pay for" applies to insurance.  In every case I have seen, customers who go cheap on coverage regret their decision after a loss.   If saving money is important to you buy the store brands the next time you go shopping.  Don't go cheap on your home or car insurance.

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