Tips to Personalize Your Home, Auto and Life Insurance

We know insurance coverage is not one-size-fits all. Finding a suitable insurance policy takes a lot of research and requires an assessment with your agent of what you need protected in the case of unforeseen events. It’s important to make sure you’re getting the right policy for you and your family. With that in mind, there are simple ways to personalize your home, auto and life insurance policies to have peace of mind that your most valuable assets are taken care of. 

How to customize your insurance

Home insurance

In its most basic form, home insurance protects people’s homes and personal property. However, people own different things and live in different environments that require personalization. When personalizing your home insurance, a key step is determining exactly how much coverage you will need. Utilizing an evaluation system to properly access how much coverage you should have is always suggested. The agents at Rural Mutual Insurance can assist you with this, and cover your home appropriately. 

Another important element to keep in mind when personalizing your home insurance is the deductible. The deductible is a fee that is paid out of pocket when a claim is made, before the insurance company will pay any excess expenses. Usually, the higher the deductible, the lower the insurance premium will cost. Depending on your financial situation and how much you are willing to pay out of pocket, you may opt for a higher or lower deductible. It’s highly recommended to work with your insurance agent to make sure you’re fully comfortable with your deductible. Valuation plays a critical role during a claim scenario on your home. Typically, homeowner’s insurance is covered with either replacement cost or actual cash value. The replacement cost is the amount it would take to replace, rebuild or repair damages to your home today without deducting for depreciation. Actual cash value is the amount it would take to repair or replace damage to your home today minus depreciation. 

Based on where you live, you’re going to want to personalize the types of perils you’re protected against. Examples of these instances could be theft, fire, floods or tornadoes. When personalizing your home insurance, select the coverage that will best suit your needs and living situation. It is also recommended to review your home insurance needs every year as life changes to make sure you continue to have the right coverage. 

Car insurance

Personalizing car insurance has never been easier. Of course, there are required auto insurance coverages by the state of Wisconsin, including bodily injury liability coverage, which covers you if you’re at fault in an accident and someone else gets hurt. There are also minimum liability limits required by state law. However, you can customize your policy by increasing the limits to your preferred comfort level.

Add on coverages for car insurance

There are many other ways to customize your policy with various coverage options including: 

  • Towing and labor – In the event your car breaks down or becomes disabled, we’ll help you get back on the road in no time.
  • Rental reimbursement coverage – This covers the cost of your rental car when your car is in the shop from a covered cause of loss, up to a certain amount.

Multi-policy discounts can help drive down your price of insurance. You can qualify for policy discounts in several ways:

  • Insure multiple vehicles
  • Bundle your home and auto insurance 
  • Good student discount

Another factor to consider while getting a car insurance quote is the type of vehicle you drive. For instance, having a newer car it may cost more to insure than a used car.  

Life insurance

Life insurance protects your loved ones from financial stress after a passing. Some policies can also provide you with financial benefits while you are still alive. It’s important to know about the different types of life insurance so you can best personalize a policy to your needs. 

  • Term life insurance tends to be more affordable and is valid for a specific period of time. For example, if you only want life insurance for the next 20 years, term insurance would allow you to purchase coverage only for that specific duration.
  • Whole life insurance is more permanent, does not expire and accumulates cash value over time.
  • Universal life insurance is a form of permanent insurance that is similar to whole life but is typically more flexible. 

Other forms of life insurance can include disability income. Disability income covers you if you can no longer work due to becoming disabled. There is also long-term care insurance, which may help you pay off expensive long-term medical bills that could drain you of your assets. 

Insurance protects what matters most to us, and what matters most is unique to every individual. To determine the right insurance policy for you or to start personalizing your home, auto and life insurance today, contact a Rural Mutual agent or request a quote.