Insurance premiums continue to rise, so it pays to be a savvy consumer. Too often, people pay for coverage and let it go to waste; this is like throwing money out the window! Because each type of insurance is different, we’re going to go through the three basic insurance types – home, auto, and life – and give you tips on how to get the most from each one.

Home Insurance

Did you know that only 10 percent of policyholders actively pursue a claim to make sure they get the amount they deserve? This means that 90 percent of policyholders are underpaid.

To get the most from your Homeowners’ insurance, don’t wait for an emergency to take place. Keep photos of your home and its condition up to date. If there is a bad storm, update your photos immediately. This shows the insurance company the before and after effects.

If there is damage to your home, ask your independent insurance agent to help guide and advise you about what you should do.  Independent agents do not work for the insurance company, so they are free to provide unbiased advice in regards to claims. Do not wait for an adjuster to arrive before mitigating the damage.  While waiting for the adjusters, make immediate repairs to avoid further damage. Also, review your policy with your agent to be sure to understand all of the information. Sometimes, insurance companies and adjusters make mistakes and deny all or part of a claim that could have been covered.  An experienced independent agent will know how your policy works and know how the claim should be handled.

Auto Insurance

Review your auto insurance policy each year to ensure it’s meeting your needs. Most states have minimum requirements that your auto policy must meet, but you will almost definitely want to buy higher liability limits.

When it comes to auto insurance, it can often make sense to go with a higher collision deductible, providing that you can afford the deductible and have a strong history of avoiding accidents. This can save hundreds of dollars a year while still giving you great coverage. However, because of the complicated nature of insurance rating these days this is not always the case, so make sure to review your options with your independent insurance agent.  You can also keep insurance rates low by staying accident free, installing anti-theft devices, maintaining a good credit score, and bundling your home and auto insurance.

If you are in an accident, pay attention at the scene. Take lots of pictures, call the police, and ensure that the other driver’s information is collected. Also, do your own research to find out what your car is worth. It helps to also ask your agent for a recommendation of a reputable auto body shop in the area.

Life Insurance

Life insurance is an important investment that provides benefits to your family. Be sure to understand all of the language in your insurance plan, such as the beneficiary types, cash value, dividends, and policy loans.

For example, many policyholders leave behind cash value, and some of this goes back to the insurance company. Pay attention to your cash value and how you can maximize it for your family. You may be able to boost the death benefit, take out a loan, or make a withdrawal.

And, if you’re ever in a financial bind, you may be able to take out a loan against your policy. The interest is low and can be repaid in installments. It’s nice to know that the life insurance you contribute to each month can be used in many ways.

The best way to get the most from your NJ insurance company is to work with a trusted insurance advisor. This way, you can ask the right questions, get clarification on the things you don’t understand, and review your policies annually. If something does happen and you need to use your insurance, it will be there for you.