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The Five Biggest Insurance Mistakes

Sep 26, 2014
Trying to Save Money? Avoid the Five Biggest Insurance Mistakes

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.

Even when your budget is stretched thin, it is still important to have the right amount and type of insurance to be financially protected against a catastrophe.

According to the Insurance Information Institute, 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 around 10 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's property/casualty companies are rated 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 consumer 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.

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.

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 a savings.

For more information about how you could save money on your insurance policies, Contact Sanor Insurance Agency at 1-888-728-9114. 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.



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Testimonials

  • "I have been a client of Sanor Insurance for some 25 years plus and find their concern and attentiveness to my insurance needs have been above reproach.
    Their staff is friendly, knowledgeable, efficient and attentive.
    Thank you for your years of caring for me."

    Rita Joseph O'Leary, Salem, OH

  • "Sanor Insurance has been our family's insurance agency for over 13 years for home, auto and life insurance. Everyone there has always been very helpful,friendly and prompt with any information I've needed. They were extremely helpful after my auto accident last year. It's nice to deal with hometown people who care!!"

    Tonya Tolley, Lisbon, OH

  • "I've been a customer of Sanor Insurance for many years. I have always had courteous, friendly and quick service. Everyone at Sanor Insurance is great, especially Donna Sanor. She is the 'greatest'."

    Alvahn Mondell, Salem, OH

  • "The staff at Sanor Insurance are always approachable and committed to serve our needs. They are friendly and courteous."

    Karen Bulford, Salem, OH

  • "We have had our home and auto insurance with Sanor Insurance for years. The service is great. The staff is always helpful and courteous. Great job Sanor Insurance."

    Sue Meyers, Leetonia, OH

  • "We have had our insurance with Sanor Insurance for many years. They handle our home, auto and business accounts with courteous, professional service. We call with questions and they provide the answers. All their staff is topnotch! Thanks so much Sanors!"

    Wayne & Doreen Smith, Lisbon, OH

  • "Always great, dependable service with quick response and no unnecessary delay when needed."

    Roy G. Szanny, Salem, OH

  • "I have had auto coverage with Sanor Insurance since 2007. I recently had an accident with my truck on a Sunday. By Thursday of the same week, my claim was settled. Donna and David were extremely helpful with information during this stressful time. The adjuster Sanor Insurance had provided was the best. Great service and caring people."

    Bruce R. Blankenship, Salem, OH

  • "Today's business world is too commercialized. It is our privilege to deal with hometown people that are also our friends and neighbors. We can be assured that when we deal with Sanor Insurance Agency, they have our needs and best interests at heart, and provide a product and service not available by national companies or the internet."

    Frederick and Donna White, Beloit, OH

  • "I am very happy to have such friendly, accessible help. Wish all of my accounts were managed by companies like Sanor."

    Terry Bowlin, Salem, OH.

  • "I have had very good coverage and service with Sanor Insurance since day one. David and Donna do a wonderful job. It is so nice to deal with them. Thank you!!!"

    Shirley Dragomier, Mineral Ridge, OH

  • "My wife and I carry life, home, automobile and catastrophe insurance with Erie Insurance through the Sanor Insurance Agency. We like receiving the multi-policy discount on premiums. We especially like the great service from the Sanors and the quick/fair claims processing from Erie Insurance. Thanks Again!"

    J. Mike Seidner, Lisbon, OH

  • "Been dealing with Sanor for over 30 years. Great People."

    Deborah Freudenberg, New Waterford, OH

  • "The Sanor's offer professional service and hometown friendliness. They take pride in our communities and offer great choices in the companies they do business with. They have my life, home and auto insurance. I will continue to trust them with all my insurance needs."

    Linda Eells, Lisbon, OH

  • "I have dealt with Sanor Insurance for many years. They are very thorough with their process. When you have a claim because of their meticulous applications, you totally know where you stand. Every item that needs to be covered is! My family had a large claim and we were very happy with the results. It was handled quickly and professionally. I give them a 5 Star rating!"

    Marilyn McCullough, Lisbon, OH

  • "I have been with this Insurance Co. for over 30 or more years. They have been fair in their cost of insurance. I've only had 2 or 3 small claims and they were very prompt in taking care of them."

    Dorothy Bennett, Salem OH

  • "We have been clients for more than 20 years. No one could be more courteous, efficient, professional and friendly. Thanks!

    Gene and Nancy Smith, Salem OH

  • "Our family switched to Sanor Insurance a few years ago. We dumped a couple of teenagers and assorted cars, trucks and hobby projects on them. I couldn't hardly keep them straight. Dave and Donna untangled everyone's rides and found us good coverage at the best rate."

    Virgil & Janie Wherry, Lisbon OH

  • "I would just like to say that the people at Sanor Insurance have always been kind, courteous and very good at taking care of all of my needs in regards to insurance."

    Karen A. Flenner, East Palestine, OH

  • " As always, excelllent customer service!"

    Frederick & Susan Mattix, Canfield, OH

  • " I've been with Sanor Insurance forever. The personal, professional service this company provides is priceless."

    Edwin Dolby, Poland, OH

  • "I have been with Sanor Insurance for 26 years. Donna and staff have always given excellent customer service and best rates bar none. Anytime I've had a claim, it was processed fast and correct. I would never go anywhere else for my insurance needs."

    Lloyd Morris, Beloit, OH


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Located in Salem, OH . We also serve the Alliance, Boardman, Canfield, Columbiana and Lisbon areas. - Licensed in Ohio and Pennsylvania

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