Don't Make These 5 Common Mistakes!

I am Donn Sharer with Considine Sharer and Associates here to talk about five common mistakes we see people make with their property and casualty insurance. Number five, giving away personal information at the scene of an auto accident. For most, that's the first thing that's done when there's an accident, but it may not be a smart move. We'll share why in a separate video.

Number four, failing to consider cost-benefit before filing a claim. We get it. You've had these policies in many cases, paying premiums for years, and you finally get to use it. Why not? Why not? Because it's not always in your best interest. We'll elaborate.

Number three, leaving the back door to your business wide open. Many business owners are very careful in properly protecting their business, not realizing oftentimes that what happens in there and their families personalized can lead to lawsuits attacking some or all of the equity in their business. Uh oh, more to come.

Number two, setting liability and uninsured motorist limits too low. This is far too common, sadly, especially with folks coming from call center insurance companies. You asked to lower the cost as much as possible. They happily obliged. You save hundreds of dollars, if that, frankly, leading potentially to hundreds of thousands of dollars of exposure on the back end in catastrophic claim situations. We'll explain how that works.

Number one, considering probability, instead of consequences. It's worked all these years, so why change it? It's like have the brakes on a car that have been sitting in a garage. Many policies, if not, most really haven't been stress tested for those of you analytically gifted, you're thinking, "Well, what are the odds?" Let's just say before you decide to beat the odds, make sure you can afford the odds beating you.

If you haven't reviewed your home and auto and other insurance coverages in the past year or two, it's a really good idea to do that soon. And we here at Considine Sharer and Associates would be happy to help.

Call Considine Sharer & Associates in Forked River NJ at 609-971-8300