Below are Some Common or basic Insurance Mistakes You Must Avoid,if you want  maximum benefit from your insurance policy.

>> It is essential that you have basic insurance coverage. This one of the most common financial mistakes that people make.You should make sure that you have adequate coverage for you needs. It is also important to realize that basic insurance will protect your assets and finances from an accident or another damaging situation. However it is common to make mistakes when it comes to insurance. When it comes to insurance coverage, a mistake can really affect you financially. Here are the five most common basic insurance mistakes.
1 Choosing Not to Have Basic Insurance

Deciding to save money by not having insurance is a costly mistake that you do not want to make. You should have car insurance that covers accidents and thefts. You should have renter’s or home owner’s insurance to cover thefts and fire. Additionally you absolutely need basic health insurance. Medical bills can add up quickly and if you do not have it you can be crippled financially. If you cannot afford a comprehensive health insurance policy, you should at least get a high deductible or catastrophic health insurance plan. Many people struggle to afford health care even with health insurance, and going without may lead to bankruptcy if you have one catastrophic health event. The Affordable Care Act also requires you to carry health insurance or you will face fines when you file your taxes. Be sure that the health insurance policy that you sign up for meets the minimum requirements. Disability insurance can also protect you if you are seriously injured or become ill.
2 Over Insuring Yourself

Another common mistake that will cost you is to over insure yourself. It can be difficult to determine how much basic insurance you really need. This is especially true when you consider the liability insurance. You should talk to an insurance agent (usually an independent one is best) about your assets and how best to protect them. When you are younger, you will not need as much insurance, since you do not have as many assets.
3 Under Insuring Yourself

Another common mistake is to under insure yourself. This can be quite costly, when you realize that your basic insurance will not cover needed expenses. You should consider the maximum amount your insurance will pay on each accident. If you have health insurance you should consider the maximum amount your policy will pay. A million dollars may seem sufficient, but if you were to have cancer or another major illness the costs of care may exceed that amount.
4 Getting the Wrong Insurance

You may have the wrong types of basic insurance or too many policies. You can waste your money buying policies that you are not likely to use. If you are young you do not need to get every type of insurance available. You should make sure you understand the policies that you are getting as well. If you understand what you signed up for you will not be surprised when it comes time to file a claim.
5 Not Shopping Around for a New Policy

It is important that you shop around for a basic insurance policy. You should do this every few years. You can save money by switching to a new policy. Additionally you should look at policies that offer discounts for where you work or where you went to college. It does not take much time to shop around for insurance policies every two years. This will help you to keep your rate low.