Learning the details about insurance can be overwhelming. Increase your insurance IQ and become insurance savvy with these ten simple tips.

1. Research insurance prior to major purchases

Before you fall in love with that fancy new car, find out if the cost of insuring it fits within your budget.

2. Choose a deductible that makes sense for you

Lower your premium by requesting a higher deductible. However, you should set aside some extra money to cover the higher deductible in the event of an accident.

3. Keep your insurance coverage current

Pay your premiums on time and maintain continuous coverage. You could see your premium rise if you don’t renew coverage and let your policy lapse.

4. Understand your policy

Avoid surprises by asking your agent to explain the terms in your policy if you don’t fully understand them.

5. Review annually

Property values, reconstruction costs, and your commuting habits can change, so it’s important to review all of your insurance policies every year to ensure you have enough (and at the same time not too much) protection.

6. Speak to a licensed agent

Speak to a licensed insurance agent and talk through all your needs. This can help prevent you from buying protection you don’t need and may also be your key to unlocking multi-policy discounts.

7. Verify beneficiary information

Most people don’t think of this, but help your beneficiaries avoid a red-tape tangle by verifying their Social Security numbers and the correct spelling of their legal names on your life insurance policy.

8. Re-evaluate when major life events occur

Getting married, welcoming a new baby, sending a child to college, and retiring can all impact the insurance you need. Let your agent know when a major life event occurs so your coverage keeps up with the changes in your life.

9. Your valuables might require more coverage

Homeowners policies generally do not provide high enough limits to cover valuables such as jewelry and artwork along with your other belongings, so talk with an agent about additional coverage, commonly called a rider, to protect these special items.

10. Check your insurer’s ratings

Investigate the financial strength of insurance companies by reviewing data published by A.M. Best, Standard & Poor’s, and Fitch Ratings.

No matter what stage in life you are, Wells Fargo Insurance is here for you. If you have questions, call our knowledgeable team of licensed insurance agents at 1-866-294-2571.

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