Think Twice Before Reducing Insurance Coverage

Seeking less on home or car insurance may be too big a risk to the midst of a recession in order to save money in the budget month, according to the area of insurance.

"I would like to say that the trend is to try to save costs at this time. They're looking for ways to watch their dollars, trying out more of their U.S. dollars" Vaughn Troyer, Managing Partner in the Hummel in Berlin, he said. "Fortunately, over the past few years in the case of hand ... insurance rates are going. The market had to reduce costs, but the market trend is beginning to change."

With the increasing market rates, fluctuating gas prices and the overall increase in living standards, some consumers are hard pressed to meet the ends. A business does not have a field day, either. Among the fighters to meet the bottom line, some restructuring, and even begin to waiver.

"It's kind of difficult situation, because this is the time when someone is laid off, things are difficult. This is the worst time cut off from the amount of insurance, because if something were to happen by financially, when you need to cover most Troyer said.

Ways to reduce costs for auto insurance covers less car accidents and speeding tickets. Home insurance policies, some suppliers may provide rebates to consumers installing deadbolts and security systems, according to Jarrett Dunbar, a spokesman with the Ohio Department of Insurance.

Mike Steiner, Product Manager, personal lines Huntington Insurance Wooster, said consumers should consider higher deductibles for auto insurance.

"In a way you can reduce premiums is to increase deductibles and to older vehicles, and they do not insure the physical damage," he said.

Scott Allen, president of Whitaker-Myers said the frequency of catastrophic claims that are not high.

"Take a big deduction, because you have to pay the insurance premium each year. You will have to pay a bit more at the time of loss ... but at least had the satisfaction of knowing that, when paid their premium is paid less," he said.

Ohio has 13 of the lowest in the country for auto insurance and the sixth lowest home insurance, according to Dunbar.

If consumers are not satisfied with the rates, he said the purchases, because Ohio is a competitive market.

"A 10-minute call could save a lot of cash," said Dunbar.

For 2009, said Ohioans will be a slight increase in auto insurance, however. Home insurance data were not available.

"We'll see modest growth, but will not be as bad as some other parts of the country," said Dunbar.