Secure, No Matter What

Home. The word itself is solid, warm and comforting. But what if all that were swept away in a single moment? Could you rebuild, start again, make it what it was before?

Many Americans’ homeowners insurance doesn't cover the full cost of replacing their home in case of total destruction. In fact, most Americans are underinsured by 38 percent (source: Marshall & Swift/Boeckh). That means that if your home cost $200,000, to rebuild, you could be out of pocket up to $76,000.

Things get even trickier when you take into account the rapidly rising cost of labor and building materials. Maybe it cost $200,000 to build your home 10 years ago, but today it could cost significantly more.

But when you purchase ErieSecure Home^SM, you don’t have to worry about any of that. With this special homeowner’s coverage, you’ll be able to replace your home 100 percent--guaranteed.

Is your home covered 100 percent? If you’re not sure, it’s time to find out. Call us at Serfass Insurance today, and let’s talk about your family’s needs, and how we can make your home secure, no matter what happens.

Protect What’s Yours with Life Insurance

Protect What’s Yours with Life Insurance

Congratulations! It’s what you hear when you:

A) get married

B) have a baby

C) get a new job 

D) buy a home

And when you hear it, it might be a good time to evaluate or re-evaluate your life insurance needs. You can protect the lives of your loved ones, protect your legacy, protect everything most important to you with life insurance.  The best time to look at life insurance, really, is when you experience one of these big life changes.  Here are some questions to ask yourself:

Marriage: How much life insurance do you and your spouse need now that you share expenses and financial goals?  If something were to happen to you or your spouse, would your expenses be covered and would your financial goals be met?  

New baby: Children are expensive little buggers! And we’re not just talking toys and birthday parties. We’re talking daycare, clothes, food, college…would you be able to pay for those items on one salary —or no income at all?

New job: It’s only human nature to increase spending when more money is coming in. Will your family be able to maintain their lifestyle if the income stops?

New house: Could you stay in your current home if something happened to your spouse? A lot of people, unfortunately, cannot. The costs of home ownership go beyond just the mortgage. Utilities, taxes, unforeseen repairs and other maintenance costs can cause your family to be uprooted at a time when they need stability most. When you purchase homeowners insurance, make sure you ask about life insurance as well.

How much do I need? And what type? These are the questions we can help with. We can explain the difference between term, whole and universal life insurance products from Erie Family Life* and help you choose a product that’s right for your stage of life—and your budget.

So next time you hear that big “Congratulations!” give us a call. We’ll help you keep you and your loved ones protected.   610-681-5785

*Erie Family Life insurance not available in New York

Not all companies are licensed or operate in all states. Not all products are offered

in all states. Go to erieinsurance.com for company licensure and territory

information.

Trust

It’s amazing how often we trust each other every day with issues great and small. We trust that the cashier at the grocery store will be honest and give us the right change. We trust that when we get into our cars, the other drivers will be attentive and safe, and we’ll arrive at our destinations without harm. We trust strangers around us every day to treat us properly and keep us safe.

But some decisions about trust deserve to be more carefully considered. How will you afford the retirement you want and deserve? Who will take care of your family in case you can’t? Weighty decisions with big consequences.

Whether you realize it or not, you already know someone you can trust with these things: us. You already trust Serfass Insurance to take care of your car. Maybe you trust us to protect your house, too. And if you haven’t considered protecting your future and your family in the same way, it’s time to do so.

Let’s sit down and really talk about life insurance and retirement investments. In this case, you can’t just assume that everything will turn out all right. Keep trusting us to help you make the right call. -KS

Before the Winter Storm

Before the winter storm strikes, it’s important to know the weather terminology that may appear across the bottom of your television screen or on the local radio station.

• Winter Storm Watch: Severe winter weather may affect the surrounding area within the next 36 to 48 hours.
• Winter Storm Warning: Severe winter weather conditions are on the way or will begin within 24 hours. Take cover and be prepared.
• Blizzard Warning: Blinding snow and dangerous wind chills are expected for several hours. Sustained winds of 35 mph are expected to sweep the area. A traveler’s advisory is issued if driving conditions are expected to be dangerous or slow moving.

Here are some other tips to help you prepare for winter storms:

• Winterize your car long before the first snowfall hits. Winter weather is unpredictable and may surprise you early in the season. Prepare a disaster kit for your vehicle that includes:

• Shovel
• Sand
• Tow chain
• Jumper cables
• Screwdrivers, pliers and a knife
• Ice scraper and snow brush
• Spare change
• Blankets/sleeping bags
• Small can and waterproof matches for melting snow
• Windshield washer anti-freeze
• High calorie, non-perishable food items
• Warm clothes that can be layered
• Compass and map
• Cell phone and charger

• Winterize your trees and bushes by trimming long branches. The ice and wet snow that accumulates on branches can cause damage to your home, car or neighbors.
• Salt and shovel walkways often.
• Drain your pipes if you go on vacation or experience a power outage to prevent your pipes from freezing and bursting.
• Make certain that each family member has warm winter gear, including a winter coat, gloves, hat or scarf and water-resistant boots.
• Keep your gas tank full in the winter months to protect your fuel line from freezing.
• Have your cell phone charged.
• Stock an ample supply of logs that can be reached easily during a storm if you have a wood burning fireplace.

Contact Us

If you haven’t scheduled an annual insurance review, contact our agency today. We will review your risks and help you make important decisions about your auto, home, life or business insurance coverage.

Not all companies are licensed or operate in all states. Not all products are offered

in all states. Go to erieinsurance.com for company licensure and territory information.

Excuses, Excuses. What’s Yours?

Five reasons people make buying life insurance anything but top priority

Buying life insurance rarely makes the top 10 on our to-do lists—and we have plenty of excuses as to why. Here are top reasons people push it off, and why that might not be the best idea: 

1) “I’m covered through work.”

Employer-sponsored life insurance is a great benefit to have. But work benefits are usually limited. What’s more, they don’t automatically go with you if you change—or lose—a job. 

2) “I’m healthy.”

The fact is, the best time to buy life insurance is when you’re in good health. The younger you are and the healthier you are, the better your rates will be. 

3) “I’m not insurable.”

Most of us are never as healthy as we want to be. But you might be surprised to find out that you are, in fact, insurable, regardless of age or health. It’s worth it just to ask. 

4) “It’s too expensive.”

There are many types of life insurance available, and there’s usually something that will fit in everyone’s budget. Once you break it down, life insurance is basically a dollars-a-day expense.

5) “I’m single and don’t have children.”

Not being married or having little ones around now doesn't mean there aren't other plans in store for you in the future. Plus, if you are in your 20's or 30's and have debts such as a car and a home, it’s good to get insured now while the cost is the most reasonable.

Is today the day?

The truth is, we don’t usually think about items such as life insurance until someone asks about it, or worse, someone we know experiences a life crisis that puts things in a new light. But why wait? Let us be the one to ask you about it, rather than you experiencing a loss that jolts the issue to the top of your list. 

We can help you find an Erie Family Life insurance policy that fits into your budget and covers your needs for your stage of life. Plus, if you’re an ERIE auto and homeowners policyholder, you can save on your premiums when you add a life policy from Erie Family Life*. Give us a call today to learn more. 610-681-5785

*Erie Family Life insurance products are not available in New York. Related discounts vary by state and are subject to eligibility requirements. 

Disclaimer:

Not all companies are licensed or operate in all states. Not all products are offered

in all states. Go to erieinsurance.com for company licensure and territory

information.

Demystifying Life Insurance

Do your eyes start to glaze over whenever anyone starts to talk about life insurance? Term life, whole life, universal life, what does it all mean? And the chances of you ever needing to use it are so low, why bother learning all the jargon?

Think again. Life insurance is a crucial planning tool for the people you love. Whether it’s making sure that your kids can go to college, your spouse is taken care of or just leaving some extra money behind to your heirs, you can’t ignore life insurance. So let us make understanding it a little easier.

There are three major types of insurance we offer: term, whole and universal. All are great policies with different purposes. Let’s break it down:

• Term Life is life insurance that you purchase for a specific period of time, in increments of 10, 15, 20 or 30 years. Maybe you want to have a policy as long as the kids are still in school, or until your mortgage is paid off. Term life lets you make sure there’s enough money for all of these things without a lifetime commitment.

• Whole Life lets you adjust how you use your life insurance policy as your needs change. While you’ll always receive death benefits, a whole life policy also includes a cash value that you can draw upon. Maybe it’s to pay medical bills or to help out with retirement—it’s there for you to use as you need, and to adapt over time.

• Universal Life is a balanced plan offering you a strong death benefit protection as well as plenty of opportunities for investing and growth on a tax-deferred basis.

Still confused? Sit down with us and let’s talk about which of these kinds of insurance fits your needs, both today and in the future. Don’t leave things to chance: protect your family. 

“Not all companies are licensed or operate in all states. Not all products are offered in all states. Go to erieinsurance.com for company licensure and territory information.”

Nothin' But a Number

Many consider this a rude question, but we're going to ask it anyway:

How old are you?

Don't worry, your secret's safe with us. But it's an incredibly important question. Not because it determines how creaky your knees are or whether or not you can rent a car -- but because it determines where you should be on the road to a secure retirement.  

When it comes to investing for your retirement, the rule of thumb is the earlier, the better. The earlier you start investing, the more time your money has to grow.

But, even if you haven't had time to let your money grow, it's still not too late to invest. Better to start when you're 40 or 50 than just to throw your hands up and not invest anything at all because it's “too late.” It's never too late—you just might have a little catching up to do.

No matter where you are in your investing strategy, we want to talk to you about how annuities, IRAs and other investments can help lead to a better financial future for you and your family. 

“All insurance products are subject to terms, conditions and exclusions not described here; we can answer any questions you may have.”

Insurance Tune-Up

You know that your car needs its oil changed every 3,000-5,000 miles. You know that your heating and air conditioning system needs to be checked out every year. But what about an insurance tune up?

At Serfass Insurance, we do our best to make sure you're up-to-date on all changes in your policies, changes in the law, and other information you need to have. That's our job, after all. But it never hurts for us to sit down every year and make sure you have all the coverage you need at the price that fits your needs and your wallet.

Why is this so important? Because your life changes. Maybe when you first started working with us, you were a fresh-faced graduate with a car, and only needed auto insurance. When you bought your first house, we were there to help you make sure you were covered in case of fire, burglary and other homeowner hazards. All of this is common sense.

But did you remember to start saving for retirement? Or when you got married and had your first child, did you buy life insurance to cover your family in case of the worst? If not, it's not too late. Let's sit down and really talk about what matters to you in life, and what's worth protecting. Let's tune up your insurance, and make sure everything is still working. It'll pay off in the long run.

“All insurance products are subject to terms, conditions and exclusions not described here; we can answer any questions you may have.”

Doing the Right Thing: ERIE Rate Lock

You probably already know that many insurance companies boost your rate for getting into accidents. But did you know that traffic tickets can raise your rates, too?

Late to work one day and have a bit of lead foot? Rate increase. Miss the speed limit sign? Rate increase. Forget to signal at a light? Rate increase. Seems crazy, doesn’t it? You already were punished with a pricy ticket, and then you find yourself hit again with a rate hike.

But insurance doesn’t have to be that way. When you choose ERIE Rate Lock^SM, you’re protected against rate increases due to traffic tickets or accidents. After all, we’re your insurance company, not your driver’s ed teacher—we don’t need to punish you every time you make a mistake.

Why does ERIE offer this feature to qualifying applicants when so many other companies don’t? It’s simple: We think it’s the right thing to do. A pretty radical stance, but we’ve been doing the right thing since 1925 when H.O. Hirt founded ERIE with the plan to offer commonsense service at affordable prices.

Add some certainty to your auto insurance bill with ERIE Rate Lock. Give us a call at Serfass Insurance today, and let’s talk about whether ERIE Rate Lock makes sense for you. 

ERIE Rate Lock does not guarantee continued insurance coverage. Insured must meet applicable underwriting guidelines. Premium may change if you make a policy change.

Have Your Cake (and eat it, too)

Nothing beats the personal touch. We all love it when someone asks how our kids are, or remembers that we just took a vacation to Florida. It makes us feel special when someone cares enough to treat us as an actual person with a family and a life, rather than just another anonymous number in a huge machine.

That’s where your personal agent comes in. We’re the people you see at the grocery store, or who you bump into on the sidewalk. And we genuinely want to know how the kids are doing, what you did on your vacation, and that your house repairs went off without a hitch. We want to know that you’re happy, and all is well.

But there are some advantages to having a big company behind you, too. Erie Insurance is a financially stable Fortune 500 company with more than four million policies in force. There’s strength in numbers.

With us, you get the best of both worlds. You get the hands-on interaction with an ERIE agent who knows your name, your policy, and your situation. And you get the comfort of knowing that standing behind every ERIE agent is a company that has the resources you need.

Isn’t it great to have your cake and eat it too?

“All insurance products are subject to terms, conditions and exclusions not described here; we can answer any questions you may have.”

Annuities for Any Budget

Some people think that annuities are expensive, that you need to have thousands of dollars in the bank to buy into an annuity. While there are some annuities that require a large single payment, Erie Insurance offers many other options that can fit into many budgets:

• Flexible Premium Deferred Annuity (FPDA): Think of the FPDA as the “pay as you go” model of annuity. Rather than a large single payment, this annuity is funded over time with either scheduled or intermittent payments into your account. This allows you to fund the account slowly without a large initial payment, and can be a great choice for building a retirement account. You can enter a FPDA for as little as $300.
• Single Premium Immediate Annuity (SPIA): If you need an immediate source of income, an SPIA may be right for you.* It does require an initial payment, but you begin receiving income right away with no waiting. These payments can be limited to a certain period of time, or can keep paying out for the rest of your life.
• Single Premium Deferred Annuity (SPDA): If you have $10,000 or more to invest in your future, an SPDA is an option. Choices include 3, 5 or 7-year guaranteed payout terms. Depending on the amount of the deposit, there may even be a first year bonus.

Don’t be scared away from annuities because you don’t have thousands to invest. Call us today, and let’s talk about whether an annuity fits your needs and your budget.

---

*Surrender charges and other penalties may apply to early withdrawal of principal.  See policy for details, or call us to discuss.

Nine Reasons to Check Your Coverage

As our lives change, so do our insurance needs. Letting us know about changes can ensure that you have adequate insurance coverage through Erie Insurance. Here are some examples of when to check your coverage:

1. You’re remodeling or building an addition to your property. When you hire the contractor, request a certificate of insurance to confirm their liability and workers’ compensation coverages. Review the certificate and your homeowners policy with our agency. In some cases, remodeling projects can increase your home’s reconstruction cost.

2. Your teen starts driving. If a teenager in your home is learning how to drive, that means you’ll soon need to help them purchase insurance. We can guide you through the process, find the best way to add them to your policy and provide materials about safe driving behavior.

3. You got a new job. If you have accepted a position and the work commute is shorter or longer, call us. A significant change in annual mileage could warrant a change in your auto policy. (And that could save or cost you money.)

4. You bought a new ride. If you’ve purchased or leased a new or used vehicle, your insurance policy needs to be updated. Car dealers are required by law to confirm insurance coverage, but only you can make the necessary changes to your policy to make sure you’re fully protected.

5. You’re saving a buck with refinancing. When you’re taking advantage of lower interest rates by refinancing your home or vehicle, your policy should be updated to reflect any new mortgagee or lienholder.

6. Your family’s growing and changing. When you get married or welcome a new baby to the family, the new responsibilities may warrant a change in your home, auto and life insurance coverage.

7. You’ve bought a little luxury. When you purchase valuables such as a diamond ring or a rare piece of art, you should contact your agent. Your homeowners policy covers personal belongings and furnishings, but higher-valued items may have coverage limitations. An endorsement may be advisable for more costly or unusual items.

8. You’ve decided to work from home. If you’re starting a business out of your house, let us know. Depending on the equipment and the nature of your work, an endorsement or separate policy may be necessary to protect your investment and liability exposures.

9. It’s time to retire. Ready to kick back and relax? We can help you maximize the benefits of your retirement plan with a life insurance program.*

No matter what you’re considering, contact our agency. We will assist you with life, auto or home insurance policy changes and insurance needs.*

*Erie Family Life insurance policies are not available in New York.

Not all companies are licensed or operate in all states. Not all products are offered

in all states. Go to erieinsurance.com for company licensure and territory

information.

Caring for Your Loved Ones

We go to great lengths for our loved ones. We work hard to provide them with a life filled with happiness, comfort and opportunity. In fact, there’s almost nothing we wouldn’t do for our loved ones. We re-arrange our schedules to never miss our kids’ sporting events. We put in extra time at work to save up for that special family vacation. We rush out of the office to make sure we’re home in time for dinner with our loved ones.

But what if you died tomorrow and were no longer around to provide for your family? Without your income and all the other things you do for your loved ones, would they be able to maintain their current lifestyle and keep future plans on track?

That’s where life insurance comes in. It can’t put your family’s life back to how it was, but it can keep your loved ones in the world they’ve always known. So if you think you need life insurance (or more than you currently have), now is the time to do something about it. What can say “I love you” better than a promise to provide for the ones you love, even after you’re gone.*

Contact Us

For information about life insurance policies that are available through Erie Family Life, contact our agency. We will help assess your life insurance needs.**

*Story is reprinted courtesy of the Life Insurance Foundation for Education (LIFE), a nonprofit organization. Go to lifehappens.org for more information.

**Erie Family Life insurance products are not available in New York.

ERIE^® insurance services are provided by one or more of the following insurers: Erie

Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty

Company, Flagship City Insurance Company and Erie Family Life Insurance

Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New

York (home office: Rochester, New York). Not all companies are licensed or operate

in all states. Not all products are offered in all states. Go to erieinsurance.com for

company licensure and territory information.

Something Old, Something New

Modern cars can be wonderful, but there's something about a classic that makes them timelessly beautiful. Take the Model T, for instance. It was one of the first cars ever mass-produced, but its distinctive high carriage, convertible roof and endearing headlights never go out of style.

Erie Insurance is a little like that Model T. We've been around a long time—in fact; the Model T was the most popular car when ERIE was founded way back in 1925. We got our start insuring cars, back when they were still new-fangled horseless carriages. And for the past 86 years, we've continued offering the same comprehensive, attentive and timeless service. It's just a part of who we are.

Don't get us wrong—there's a place for the new and modern. But when it comes to protection and service, you want the classic treatment.  Come see why we are an award-winning car insurer and how we can take care of your new-fashioned car with classic customer service. 

“All insurance products are subject to terms, conditions and exclusions not described here; we can answer any questions you may have.”

Is Your Insurance Company Punishing You?

As a driver, you try to do everything right. You check your mirrors when you get in the car, always use your turn signal and never text behind the wheel. But even the best drivers get into accidents sometimes—one little mistake is all it takes.

Most insurance companies think that because you make one little mistake, have one little accident, you should have to pay more in insurance premiums. At Erie Insurance, we don’t think your one slip-up should cost you more money. We’re all human, right?

When you buy insurance through ERIE, you have the choice of choosing a rate lock policy. Think of it as your “we’re only human” policy. When you have ERIE Rate Lock^SM, your rates won’t increase—no matter how many accidents you might have. The only time your rate changes is when your life changes: when your address changes, your vehicle changes or you add or remove a driver from your policy.

It’s that simple. We think your auto insurance should protect you, not punish you. Give us a call today to see whether you qualify and let’s find out if rate lock makes sense for your life. No tricks, no gimmicks, just seriously good insurance.

ERIE Rate Lock does not guarantee continued insurance coverage. Insured must meet applicable underwriting guidelines. Premium may change if you make a policy change.

Guarding Your Investments

About 80 million baby boomers are getting ready to retire in the next few years. Are you one of them?  If so, Serfass Insurance has plenty of options for your retirement needs, including traditional IRAs, Roth IRAs, annuities, and 401(k)s. It’s never too late to start preparing for retirement, and we can help.

Have you chosen a life insurance policy?  Picking a policy can be a major decision, but Serfass Insurance has affordable options for everyone. Depending on your age and situation, we can help figure out the best plan for you and your family.

Do you need help with retirement planning or picking a life insurance plan? If so, don't hesitate to contact us . We’ll help you figure out the best plan for you. And if you know anyone who needs help with retirement planning, send them our way. We’ll take care of them. 

“Not all companies are licensed or operate in all states. Not all products are offered in all states. Go to erieinsurance.com for company licensure and territory information.”

Snowflakes

We all know that no two snowflakes are alike. But since snowflakes tend to melt pretty quickly, it’s more important to remember that no two people are alike. For instance, some people love to talk on the phone, while the mere thought of a phone chat makes others turn green. Many people prefer to do everything on the computer, while some like an old-fashioned face-to-face meeting.

And that’s cool with us. You can get in touch with us any way you want. We’re always here for you, to answer questions about your policy, make a change to your coverage, or file a claim. Personalized attention is never more than a phone call away.

But if you prefer a cruise down the information superhighway instead, we can help with that, too. Erie Insurance agents can be reached via e-mail (but remember, never send us private information this way). If you prefer to the do-it-yourself route, you can file claims online at http://www.erieinsurance.com, look at Frequently Asked Questions, get an auto quote, or pay your bill with a few clicks of your mouse.

You should never dread getting a call from your insurance agent. So let us know: how can we contact you? We’ll listen.

“Not all companies are licensed or operate in all states. Not all products are offered in all states. Go to erieinsurance.com for company licensure and territory information.”

Talk To Us

No one liked taking tests in school: there was the studying beforehand, the stress during -- and the worst part -- waiting for results. But when you finally got that paper back with your grade scrawled on the top, you knew where you stood: what you knew, what you didn’t know and where you had to improve.

Most of us don’t sit down and take tests like this anymore, but it’s still important to know how we’re doing—especially if you own a small business like Serfass Insurance. We do our best to help clients like you every day. We try to make your life easier by offering the best possible coverage with the best possible personal service to back it up.

How are we doing? Are you getting the service you expect? Are we exceeding your expectations, or falling just a little short? We want to know. Click here to send us your thoughts, or pick up the phone and call us at 610-681-5785 anytime, and tell us: How are we doing?

If you feel we’re earning our A—thanks! The next time someone asks you “Hey, do you know anyone who can help us with our insurance?” maybe you’ll keep us in mind and tell them about Serfass Insurance. That’s the best test grade we could ever have.

“Not all companies are licensed or operate in all states. Not all products are offered in all states. Go to erieinsurance.com for company licensure and territory information.”

An Ounce of Prevention

Turns out, your mom was right when she always said “an ounce of prevention is worth a pound of cure.” Whether you’re maintaining your home or your car, a few easy preventative steps can keep your home in tip-top shape, and your car purring like a kitten.

Home Maintenance:

• Clean up any water spills immediately to prevent mold growth. Exhaust fans can help draw out excess moisture as well.
• Even if you think you live in a safe town, lock your doors and windows at night and when you leave. It’s a tiny step that can keep you safe just in case someone with sticky fingers slides into town.
• Only you can prevent house fires. All right, it’s not exactly how the saying goes, but by making sure that your smoke alarms are in working order, and that you have fire extinguishers strategically located, you can greatly reduce your chance of serious house fires.

Auto Maintenance:

• Change your oil regularly. Oil keeps your engine lubricated, reduces friction and reduces nasty sludge from building up in your engine. Regular oil changes can keep your car running better for longer.
• Replace your windshield wipers every six months. If you see streaks on your windshield or hear strange squeaking sounds, it’s time for a new set of windshield wipers. A new set of wipers can significantly improve your vision during bad weather, which might make all the difference in the world.
• Rotate your tires. Your front and rear tires wear differently, and rotating them can help increase their lifespan and prevent blowouts. Every car is different, but many tire manufacturers recommend rotating your tires every 6,000-8,000 miles.

By following these simple steps, you can reduce your chances of car and home trouble, and save yourself time, hassle and money. Want another way to save those things? Bundle your insurance with ERIE. By covering your home and car both through us, you’ll pay less, and have the peace of mind of having just one insurance Agent to turn to whenever the need strikes. Call us to learn more.

“All insurance products are subject to terms, conditions and exclusions not described here; we can answer any questions you may have.”

Trying to Save Money? Avoid these Mistakes

With nearly one in 10 Americans out of work, and others forced to make ends meet with less money, many people are looking for ways to cut costs.

There are many ways to save on home and auto insurance. Be careful, though, not to make mistakes that could result in your being dangerously underinsured.

“When money is tight, it’s extremely important to be financially protected against a catastrophe with the right amount and type of insurance,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the Insurance Information Institute (I.I.I.). “By taking a few simple steps, it is possible to cut costs and still be protected should disaster strike.”

According to the I.I.I., these are the five biggest insurance mistakes that people often make:

1. Insuring a home for its market value rather than for the cost of rebuilding. When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home. Insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings. 

A better way to save: Raise your deductible. An increase from $500 to $1,000 could save you up to 25 percent on your premium payments.

2. Selecting an insurance company by price alone. It is important to choose a company with competitive prices, but also one that is financially sound and provides good customer service.

A better way to save: Check the financial health of a company with independent rating agencies. You should select an insurance company that will respond to your needs and handle claims fairly and efficiently.

Financially strong insurers like Erie Insurance have the financial wherewithal to ensure that  payment is made when it’s due. ERIE has an A.M. Best rating of A+ (superior) with a stable financial outlook. Additionally, ERIE ranks among the 50 top performing insurance companies, according to the Ward Group, which analyzes the financial performance of 3,000 property-casualty companies. ERIE has also won awards for customer satisfaction and claim service by independent organizations.

3. Dropping flood insurance. Damage from flooding is not covered under standard homeowners and renters insurance policies. Many homeowners are unaware they are at risk for flooding. Coverage is available from the National Flood Insurance Program (NFIP), as well as from some private insurance companies.  Erie Insurance offers coverage through American Bankers.

A better way to save: All types of homes, including condominiums, are eligible for flood insurance. You can even purchase flood insurance to protect your contents if you rent your home. It’s a good idea to start the process as soon as you can because most flood insurance policies have at least a 30-day waiting period before they take effect. If you’re already living in a flood zone area, look at mitigation efforts that can reduce your risk of flood damage. Before purchasing a home, check with the NFIP to determine if it’s in a flood zone; if so, consider a less risky area.

4. Only purchasing the legally required amount of liability coverage for your car. In today’s litigious society, buying only the minimum amount of liability coverage means you are more likely to have to make out-of-pocket payments — and those costs may be steep.

A better way to save: The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury liability protection per person and $300,000 per accident. Also, consider dropping collision and/or comprehensive coverage on older cars worth less than $1,000.

5. Neglecting to buy renters insurance. A renters policy covers your possessions and additional living expenses if you have to move out due to a disaster. Equally important, it provides liability protection in the event someone is injured in your home and decides to sue.

A better way to save: Look into multi-policy discounts. Buying several policies with the same insurer, such as renters, auto and life will generally provide savings.  

For more information about how you could save money on your insurance policies, contact our agency.  We can answer your questions and review your insurance coverage needs.

Not all companies are licensed or operate in all states. Not all products are offered

in all states. Go to erieinsurance.com for company licensure and territory

information.