Examining No-Frills Insurance Coverage
To examine no-frills insurance coverage, you need to know what no-frills means. No-frills means without any flourishes or ornamentation. When no-frills is being described for a product or service, it means that it is basic with the non-essentials removed. The luxurious or convenience component is removed, and you just get the basics. You may have experienced this on your flight across the country. You used to receive meals on your flight, and now you may or may not receive a small bag of peanuts or crackers. Anything with no-frills is in theory more economical.
No-frills options came out when the public started venturing to find cheap deals. The trend started in the grocery stores when people found that generic store brands were less expensive than named brands. That trend has now continued into all aspects of life, including insurance.
When it comes to insurance, to save more money up front, you may want just the basics. For example, if you are purchasing car insurance, you may want just enough coverage to replace your car, but not to cover rental car fees while your car is in the autobody shop. For homeowners insurance, your repairs may be covered under a no-frills insurance policy, but your insurance will not cover the cost of putting you up in a hotel while your house is under construction.
An InsureLine Insurance Broker will make sure you are aware of the extras, what is excluded, your restrictions, and what happens in the event of a claim. No-frills insurance may be what you want if you are on a tight budget, but you need to be aware of the exclusions, and place money aside to cover costs of what is needed if not covered by your insurance policy.