What professionals do you see each year?

So the obvious one for most people is the doctor, most insurance companies pay for an annual physical so hopefully you use it.  How about the accountant who does your taxes?  If you use a financial planner I hope you are checking in at least once if not twice or even four times a year.  You probably even see the dentist once a year as well.

Why not your insurance consultant?

Pride and standards

Overwhelmed to see the amount of pride a nation can show.  Refreshing to see a positive event gain  this much exposure.  At the same time it is tremendous to see standards being upheld and principles as well as tradition being maintained despite any outside pressures.

If an entire nation can do this for a wedding I would hope individuals could keep their standards high and not compromise their principles.  Let’s set a standard of how we want to be treated and keep it.  Let’s not pander to promises of lower prices and tons  of discounts.  Set your own standard for what you want and what is important to you and stick to it, imagine the amount of mail you will get to ignore.

Do YOU trust your agent?

Do you trust your agent enough to get a second opinion?

How about asking your agent what coverage they have and taking a look at their declarations pages?

Sounds like fun to me, let’s see if your agent has full no-fault coverage.  Let’s see if they have matching liability and supplemental coverage.  Let me know how it turns out.

UPDATE 5/14/2015

It has been over four years since this first post.  Sadly, the majority of times I review a policy I end up saying;

I’m not saying it’s bad. I’m just saying I wouldn’t sign my name to it.”

How to take control of your claim

Step 1.Remember why you have insurance, it is not for the little annoying thing that you can comfortably afford to fix.  It is for the event that you need help paying to fix.  Filing a claim because  “I pay for insurance why shouldn’t I use it…” can get you in to trouble. **What is trouble?  Trouble is having rates on the higher side of the market for at least three years**

Are they really saving you money?

How can a carton character advertise “we’ll review your policy and make sure you are only paying for coverage you need….” Apparently this cartoon should also buy a lottery ticket because it can predict the future.

How is it that you will know the coverage you need or do not need.  Maybe you do not need coverage for a rental car if you already own three cars.  Maybe you have AAA and do not want to pay for towing coverage.  Ok, I understand.  But what about No-Fault coverage, do you really want to take only $50,000 in coverage because you may not “need” $175,000?  No thanks I’ll take $175,000.

Why don’t you have renters insurance?

It’s to expensive?  Not really, it could be as low as $8 per month for a basic policy.

I don’t need it?  As long as you know your landlord has no responsibility for your belongings and will not pay for you to live somewhere else if you cannot live in your apartment.

Bad things don’t happen to me?  I hope you are right but if you aren’t why make things worse by not having renters insurance.

New Year New Insurance?

Why not?  When was the last time you changed companies?  When was the last time you actually made your agent or broker actually earn their commission.  Make them actually shop around, we are in a competitive market here in New York why not take advantage of it.

How do you start? 

Pretty simple, two steps;

  1. Start with a “baseline” of coverage that you are comfortable with having in place.
  2. Talk to 3-5 companies to see where your rate compares.

That’s it.  Worst case scenario you feel really good about your rate.  Best case you save some money and maybe find a better agent.

Appreciate your agent…if

Yes I believe the agent, me, works for you, the customer.  This is no different than any time you are spending money on a product or service.  This relationship tends to go better if you appreciate the person providing the product or service.  How do you do this?

UPDATE 5/19/2015

How do you “appreciate”‘ the person you are paying for a service?

  1. Give them a chance to work for you.
  2. Rather than carrying over the poor previous experience you may have had give your potential new agent the chance to shine without thinking he or she is as bad as the last one.

Saving money is bad…sometimes

You hear it constantly on the radio and T.V. It shows up in your mail on a weekly if not daily basis, heck a banner ad probably popped up before you even got here.  Each insurance company quoting exactly how much money they can save you or how many discounts are available and rarely getting specific on coverage.

Yes, I think saving money can be bad.

If you have not taken the time to review your insurance plans on a regular basis you may actually be saving too much money.  Yes I just said too much money.

Are you overinsured?

I am aware of no way to ever say someone has too much insurance, the fact is you just never know.  There is just one circumstance you can say you may be overinsured when it comes to a home.  An insurance company is insuring the cost to rebuild your home.  They are not covering your tax assessment nor are they covering the market value of the home or even what you think your home is worth.