Vanessa's Insurance Coverage Corner Blog - All Policies are "Not Created Equal"

Vanessa's Insurance Coverage Corner Blog - All Policies are "Not Created Equal"

May 04, 2022

In today’s world of insurance marketing auto insurance and most personal insurance of any type, for that matter, has been commoditized by insurance company advertisers and even most agencies. Whether you are buying directly from the company through an online distribution model or from an individual agency locally, the focus of the message to the buying public is “low-cost coverage.” You’ve certainly heard the old saying, “You get what you pay for,” right? Or, one major carrier now advertises, “Pay ONLY for what you need.” Well, my question and yours should be, “How do I know what I need”? Who determines that? Do all families have the same level of needs? Is a “boiler plate” solution right for every family?

Well, I have 10 suggestions for questions you need to ask yourself and for those who are providing you a quote:

  1. Have I considered the amount of assets I have at risk if I were to suffer a catastrophic loss?
  2. Do I really understand how liability limits work in my insurance policy, whether it be for my automobiles, recreational vehicles, or property liability insurance?
  3. What happens if the policy limits are insufficient to meet the total award being granted by the courts?
  4. Are my personal assets at risk?
  5. Am I protected by bankruptcy laws?
  6. Do I have “replacement” cost coverage in the event of a total loss?
  7. Do I have adequate rental car coverage while my care is being repaired?
  8. What hidden exclusions exist in many policies?
  9. Do I need flood coverage added to my property insurance?
  10. How reliable is the company in the event of a claim?

The bottom line is that if you are exposed to any of these situations IS my coverage going to protect me from substantial financial loss? You see, buying the least expensive package of insurance can end up being a very costly mistake in the long run. You might ask, “Well, isn’t this EXTRA coverage going to cost me an “arm and a leg”? The reality is that the cost to adequately protect you does NOT cost you a whole lot more and will provide piece of mind knowing that everything you have worked for all your life is well protected.

So, what is the answer? We suggest that everyone should have a consultative review of your individual needs to determine what is appropriate coverage for YOUR family. WE HAVE the staff with the expertise at Beveridge & Akers Insurance Group to guide you through these difficult choices for all your Insurance and Financial Services Needs. We even have a Financial Advisor on staff! Call me today at (do we want toput her phone numbers and blog link here?) and we will give you a free analysis of your current coverage and make the appropriate recommendations!