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When shopping for insurance coverage, it’s natural to want to compare rates and insurers so that you make certain you get the best coverage for your money. But when you compare policies, it’s important not to end up with simply adequate coverage because it has an attractive premium.

Adequate coverage is a policy that just barely covers the basics. And while adequate coverage is better than nothing, it leaves many gaps that can create additional, hard-to-bear expenses. For example, an adequate auto insurance policy is one that complies with state requirements and also covers the value of the car in the event of a collision or other incident. This is perfectly adequate coverage, but without loss of use benefits, you could be forced to bear the cost of a car rental while yours is in the shop. Elevating your auto insurance to the level above adequate wouldn’t cost very much, but could give you thousands of dollars in savings after an insurable incident.

Another example of adequate coverage would be home insurance that only covers rebuilding expenses, as is required by your lender. Without coverage for your contents inside the home, you could be forced to pay for the repair and replacement of all your personal possessions—from electronic to furniture, clothes to jewelry—out of your own pocket.

When shopping for insurance it’s a good idea to have several different tiers of coverage that you’d like to explore. Begin by looking at policies that offer the ultimate protection and coverage options. Next, evaluate the prices for some with fewer coverage options. Finally, take a look at coverage that is just adequate. After you see the price differences, consider the cost of not having the additional coverage options after an insurable incident. For example, using our auto insurance example above, consider whether the cost of the loss of use benefit outweighs the potential expense of paying for a rental.

We can help you determine what the best policies and coverage options are for your family and budget. Give us a call to complete a Regina Home or Business insurance review and find out how much more insurance protection you could have.

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