How to determine which insurance policy is right for you

Choosing an insurance policy can be a daunting task. With so many policies providing different coverages with different deductibles as well as optional riders and other add-ons, there’s a lot to consider. Here’s how to start.

Identify your exposure

No matter the policy—auto, home, commercial, marine or something else—your first step should be to figure out your exposure. It may seem obvious, but many people forget to take into account the costs associated with unexpected events. They think about the possibility of physical damage, but fail to consider numerous other scenarios.

One common scenario to ensure again is an accident resulting in medical costs that can add up to thousands or even hundreds of thousands of dollars. This could be someone slipping and falling in your home, or hitting a pedestrian with your car.

Even if you’re not at fault, your insurance policy may be responsible for medical bills. In New Jersey, for example, even if a pedestrian jumps into your car and hurts themselves, your policy must legally cover a minimum of $30,000 of their medical bills and lost wages. In other states, the dollar amount can be unlimited.

Do your research

The best thing to do is to talk to a reputable agent. There are many agents out there, but you need to make sure you find one you can trust. Not all agents are fully trained on the policies they sell, and not every agent is as knowledgeable as others.

Don’t go into purchasing a policy blind. Find an agent who knows what they are doing. Ask questions. Make sure you and your family are fully covered.

John B. Wright is an independent insurance agency that works for you, as opposed to the insurance companies. In that capacity, our approach is personal in every sense of the word. There are no one-size-fits-all solutions when it comes to insurance. Everyone has a unique set of circumstances that ultimately determines the type and amount of coverage you need. To find out more contact us here