When money gets tight, Americans are often forced to cut expenses to save money. It can be especially tempting to cut or downgrade insurance coverage, since it doesn’t deliver any immediate or tangible rewards (apart from peace of mind). In fact, insurance is one purchase you make hoping that you never need it. However, canceling or downgrading insurance coverage can leave you exposed to added costs and extra stress during an emergency.
A new survey from Guardian Service found 29% of Americans downgraded or cut insurance coverage in the past year to cope with rising costs. Of those, 15% downgraded or canceled car insurance, while 8% cut health insurance and 5% downgraded homeowners coverage.
