Six Questions to Ask Your Insurance Agent

ERIE, Pa., June 7, 2017 /PRNewswire/ -- When your life changes your insurance often needs to change, too. Yet it's not always clear what kind of insurance protection fits you, your family or your business. What a family of six needs is much different than what a single 20-something needs.

Here are six questions to ask your insurance agent at various life stages:

1. My family is growing and changing. What coverage should I consider?

• Life insurance is something most families need. The primary reason most people buy life insurance is to protect their loved ones from the financial burden after an unexpected death. To get a rough idea of how much you should consider, check out ERIE's Life Insurance Calculator.
• A typical homeowners policy covers personal belongings and furnishings up to certain policy limits. For higher-valued items, such as a diamond ring, a rare piece of art or expensive electronic equipment, you may want to expand your protection with higher policy limits or extra coverage.
• If a teenager in your home is learning how to drive, you'll need additional auto insurance once the teen is licensed.

2. Do I need additional insurance if I'm remodeling or adding on to my home?
In some cases, remodeling projects can increase your home's value. If they do, you'll want to adjust your insurance coverage so your home's reconstruction cost is fully protected. Your insurance agent can also help you understand more about what insurance a contractor should have in place before work begins.

3. I'm fresh out of school and new to the workforce. What coverage do I need?
If you've left home and are renting an apartment, you're no longer covered by your parents' homeowners policy. Instead, you'll need renters insurance to cover your belongings and more.

When it comes to auto insurance, you may be tempted to buy a bare bones policy to save money. That's a risky move because it may not give you enough protection. If your insurance policy doesn't cover all the damages, your savings and future wages could be at stake.

If you have student loans or debts, ask an insurance agent about life insurance. If someone cosigned on your loan, life insurance can help.

4. What coverage do I need for my home-based business?
From inventory to libel issues to customers visiting your home, home-based businesses definitely need coverage. Depending on the nature of your home-based business, you may need a simple endorsement to your homeowners insurance policy or a new policy.

5. A friend was sued after a car accident. How can I make sure I'm protected against something like this?
Your insurance policy already includes liability coverage, yet state minimums are almost never enough for most drivers. Having too little liability coverage puts you and your assets at risk. Personal Catastrophe Liability coverage (commonly known as "umbrella" insurance) provides an extra layer of liability protection over and above your auto and homeowners policies in the event that you (or a covered family member) are sued. For most people, an extra $1 million in coverage costs less than $20 a month. Your insurance agent can review your auto insurance policy limits and tell you more about PCL.

6. How can I save money on my insurance?
Nearly all insurers offer price breaks on coverage based on having a safe driving record and bundling your auto and homeowners coverage. Talk to your ERIE agent to find out more.

Be careful about selecting an insurance company based solely on price. Instead, seek out companies with reputations for excellent customer service, strong financial standing and a reputation for handling claims quickly and fairly.

No matter what stage of life that you're in, seek the advice of an insurance professional like an Erie Insurance agent to help you find the right coverage at the right price to fit your needs.

According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 10^th largest homeowners insurer and 12^th largest automobile insurer in the United States based on direct premiums written and the 15^th largest property/casualty insurer in the United States based on total lines net premium written.  The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.

News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/six-questions-to-ask-your-insurance-agent-300470024.html

SOURCE Erie Insurance