Insurance matters in general are often made best when you are able to realize that it can be a win for the insurance company and a win for the consumer purchasing the product. Insurance is really all about risk management and once you realize this it often becomes easier to implement fairly common sense strategies. The easiest way to view insurance is to realize that you donít want to assume all the risks of everything in your life. Some things can be better done by a company that specializes in a particular industry.
This being said, we take insurance topics and first start with the obvious and then go deeper from there. The obvious first part of insurance is find a good carrier to purchase the insurance from. There are many out there these days and we prefer to work with a true independent agent that can shop the market for our clients.
After you select an agent and/or company then you can begin to dive into the next level which relates to coverage and cost. We like to start with coverage since we view that to be the largest reason to have insurance to begin. Do not underinsure yourself. If you have a home that you would want to replace that is $500,000 in value we would not suggest insuring your home for half that value. Oddly enough, we regularly see when helping clients make insurance decisions that they are underinsured.
Next is going to be the cost and we do not like to see folks buying insurance that is more expensive that it needs to be. This can happen for several reasons but mainly due to not allowing the insurance to act as it should and be a back up to your emergency or sinking fund. Most people do not expect there car insurance to pay for oil changes and we would not want to pay for that even if available. Insurance is better for the consumer and the company when it covers the large losses and not the small stuff.
If you need a resource for your insurance needs we have several or can help you analyzing what you have/need.
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