People buy insurance to protect their family and financial assets from a loss. So when a loss occurs, most people expect their insurance to step up and take care of the issue. Understanding insurance and the process involved in designing a policy can help prevent a standard claim from turning into a disaster.
Difference Between An Insurance Agent And A Trusted Insurance Partner
An insurance agent sells you a policy. A trusted insurance partner is someone who will help you understand how insurance works and helps you to design a personal insurance program design for your individual needs.
There Is More Than Just Coverage:
Every insurance policy offers basic coverage like coverage for your home and personal property. A trusted insurance partner will go beyond this and counsel you on how much coverage limits you may need and the benefits of modifying deductibles based on your financial capabilities.
The Importance Of A Deductible And Limit Review:
Your policy has coverage limits and deductible that will apply to each loss or claim. We can help you understand how these work and the value to you of adjusting these based on your individual needs.
For example, if you have a higher net worth, it might make more sense for you to increase your deductible to take advantage of lower premiums. If you have less cash on hand, then having lower deductible can offer the advantage of less out of pocket expense in the event of a loss.
We will also help you understand the importance of having the correct limits on your homeowner’s insurance policy. As we stated above, you buy insurance to protect your financial resources, like your home. If your home is damaged or destroyed by a covered loss, you want it to be replaced.
Having replacement cost coverage and limits based on the cost to replace your home is critical to achieving your goal. We help you understand the value of viewing insurance as more than just a policy. It is a relationship with your agent and the insurance company. Your agent can become a trusted partner and help you with many areas of your personal insurance.
This involves building a relationship of trust. You will want to have a comfortable, professional relationship with your agent, so you can ask questions and get the straightforward responses you deserve.
Your agent can build an insurance program that provides sound insurance and risk management that adds value. And in the long run, value is much better than a low price.
This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice. Please seek professional legal or tax counsel before making any decisions. The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.