When was the last time you took a hard look at your casualty insurance? You may be paying too much for policies covering your house, vehicles, property and liability or, at least, paying for the wrong things.
This is a big-ticket item. In 2008 the average household grossing more than $100,000 spent $2,400 for vehicle and home insurance--more than the $2,300 it laid out for medical insurance, where employers help foot the bill, according to the Bureau of Labor Statistics.
Ace Private Risk Services recently surveyed 600 independent insurance agents, independent meaning that an agent is not the captive of one insurer. These pros said affluent folks typically carry too little insurance for personal liability, the total destruction of their home and damage to collectibles, while wasting dollars on too-low deductibles and too much coverage for ordinary personal property like furniture. Customers also have a habit of failing to ferret out special discounts, such as for having burglar alarms. Here are some pointers.
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