Abram Interstate Insurance Services, Inc., CMGA

Helping Independent Insurance Agents Since 1996

More People Than You think Risk Not Having Insurance

Published on October 10, 2012

More people than you think risk not having insurance. People may find ways to avoid the premiums. When looking at their monthly budget, some business and home owners feel anger over high insurance payments. After all, insurance policies do not provide immediate benefits. Sometimes, sending checks to an agent seems like a gambling bet. You could pay premiums for years without ever having an emergency. Or, you could have insurance for a few weeks and then have a fire or accident claim.

Policy holders in financial need may have to choose which polices to keep and which to cancel. Some holders have to cut back on homeowners insurance to pay for the high costs of health insurance. Or insurers buy policies for commercial lines insurance but not interstate insurance. Insurance on vacant or unused property seems to hurt our wallets the most. Every month, money goes to protect rentals not earning income. Also, premiums still have to be paid for vacation boats and cars that sit in storage most of the year.

Cutting costs on insurance coverage may save money but leads to many sleepless nights. Imagine the day to day worry about liability costs due to a lack of adequate coverage. Perhaps some kids wander into your vacant property and get hurt. Or, a cooking fire in one rental apartment leads to smoke damage in all units. Without insurance, how would you pay to repair the black mold in your office basement? What if a drought or flood ruins your crops? Money saved on skipping premiums could be lost in future civil suit cases and criminal hearings.

Careful research is the best way to save money on insurance. A managing general agent will find the best wholesale deal for your business and home. A MGA can manage a business in another state and take care of interstate insurance. Sometimes, these professionals consult with your current insurance company to provide underwriting expertise. A MGA will find the best commercial lines insurance as well as competitive umbrella policies. Save more money on premium package deals.