Many homeowners not insured in these tough times

By Erica Shaffer - bio | email

Posted by Dave Dykema - email

TOLEDO, OH (WTOL) - In this slow economy many people are getting rid of their property insurance, but that could be a costly mistake.

When fire or theft strike, insurance could be your only recourse. Unfortunately, too many renters and homeowners don't have insurance.

"It's expensive and the way the economy it is right now I just can't get it," says Bridgett White, a renter.

"I would like to have it," says Porsha Kincade, another renter, "but I just can't afford it right now."

Bonnie Rhodes has homeowners insurance but has thought about getting rid of it.

"We were just talking about it the other day," says Rhodes. "But you know darn well as soon as you do, something is going to happen."

With the slow economy, many people are faced with not being able to afford the cost and worrying day to day about what could happen.

"If this is all you've got, this is all you've got and once it's gone if you don't have any kind of replacement," says Kincade. "That's all you have."

"If it wasn't so high up I would go and get it," says White.

Paul Johnson at Brooks Insurance Agency says there are ways to minimize the cost of your insurance. "You can always manage that to some extent by the deductible that you chose."

Rhodes recently changed the way she paid for her insurance and says although it is still expensive, the change helped. "I just went on the monthly because I couldn't afford to pay it every 6 months, so I pay $47 a month now."

Johnson says work with your insurance agent, even if you can only afford the minimum amount of coverage. It can save you money in the long run. It can also give you "piece of mind. You want to make sure that as you live in your home everything is protected as much as you possible can."

Even if you have insurance there are some things that you can do to make sure you get the proper coverage:

1. Once a year take a video camera around your house to document your belongings.

2. Make sure you have a safe box with your insurance contract .

3. Keep your insurance up to date.  If you have added value to your home you want to make sure you are covered.

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