Insurance premiums are a significant expense for most of us. The premiums you pay are based on your individual claims history and the degree of risk involved. Generally speaking, the greater the risk, the higher the premium. For example, the theft premium for a Honda Accord will be far higher than that of a Yugo quite simply because more Honda Accords are stolen. Similarly, a tightrope walker will pay more for life insurance than a librarian, all else being equal.
Premiums can vary significantly from insurer to insurer so it pays to shop around.
Click here to access copies of these publications. Know Your Agent or Broker. Consumers can often be victimized by unscrupulous agents or brokers and discover only after they file a claim that they are without coverage for their home or their car. If an uninsured home is damaged by fire, the owner is solely responsible for restoring it and paying back any mortgage holders. If a driver is involved in an accident while driving an uninsured vehicle, any personal assets are subject to forfeiture if that driver is sued for damages.