Insurance can feel confusing, but it does not have to be. In honor of Insurance Nerd Day, let us break things down and share a few insurance tips from your agent.
Insurance Is About Protection, Not Just Price
One of the most common insurance myths is that the cheapest policy is the best option. While saving money is important, coverage matters more. A lower premium may also mean higher deductibles or less protection when you actually need it.
When reviewing your policy, focus on:
• What is covered
• Your deductible and out-of-pocket costs
• Whether your coverage fits your lifestyle
Insurance Myths, Busted
Think you know insurance? Here are a few quick myths and the truth behind them.
Myth: “Red cars cost more to insure.”
– Car color does not affect your premium. Insurers look at your vehicle type, driving record, and usage.
Myth: “My home insurance covers everything.”
– Most policies have limits and exclusions. Events like floods or certain natural disasters often require additional coverage. It’s also worth noting that standard homeowners’ policies typically don’t cover water backup from sump pump failures or sewer issues.
Myth: “I only need the minimum auto coverage.”
– Minimum coverage meets legal requirements but may not fully protect you financially after an accident.
Myth: “If someone else drives my car, their insurance covers it.”
– In most cases, insurance follows the car, meaning your policy could be responsible.
Myth: “Renters don’t need insurance.”
– Your landlord’s policy does not cover your belongings. Renters insurance helps protect your items and offers liability coverage.
Myth: “Filing a claim always raises your rates.”
– Not always. It depends on your claim history and the type of incident.
Your Coverage Should Grow with You
Life changes quickly, and your insurance should keep up. Major milestones like buying a home, getting married, or starting a family can all impact your coverage needs.
Peoples Bank offers a variety of insurance solutions to help you stay protected at every stage of life. Learn more and begin your online quote at peoplesbancorp.com/personal/insurance/.
Get Guidance You Can Trust
Insurance is not a one-size-fits-all. Working with a knowledgeable professional can help you understand your options and build coverage that fits your needs.
Click here or call 800.283.3823 to connect with the Peoples Insurance Agency team.
INSURANCE PRODUCTS ARE NOT FDIC INSURED; NOT A DEPOSIT; NOT GUARANTEED BY PEOPLES BANK; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; MAY LOSE VALUE.
