Tips from an Insurance Insider By Jim RechtTips from an Insurance Insider
Jim Recht
Exclusive from our March / April 2012 issue

1. Want to save money on your Auto Premiums? On newer vehicles, consider raising your deductibles on Comprehensive & Collision. Under $500 is old school. Try $750 or higher and watch those rates drop.

2. Consider the “Income Loss” option. It is relatively inexpensive, and if you are laid-up as a result of a car accident, it could be your only income source.

3. If your car is 12 years old (or older) consider dropping your collision coverage. You have to weigh the value of the car (if totaled) vs. what you are paying for the Comprehensive & Collision coverages.

4. Liability Limits are there for your financial protection. In the event of an accident that is your fault, the injured parties will come after you. State minimum coverage leaves you financially exposed. If you want to save money, this is not where to do it.

5. Renters: Buy Renter’s Insurance! It is very affordable ($10-12 a month on average) and is the only way you can cover your personal property in the event of a loss.

6. Homeowners: Don’t forget Sewer and Drain coverage. Back-ups are usually not covered. This little add-on (usually $75 and up, per year depending on the amount of coverage) can save you a lot of headaches when the unexpected happens.

The contributor is Jim Recht, an Agent with Farmers Insurance Group, the Nation’s third largest Property and Casualty Insurer. He has offices in Robinson and Monroeville, Pennsylvania. Jim can be reached at (412)576-3137 or Check out his website at:

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