The value of a second opinion

So if something is not quite right medically it is common practice to get a second opinion and maybe even a third.

If you are not happy with how your taxes turn out you will likely find a different accountant.

When doing improvements to your home many people thing you should have three or more contractors bid on the work.

Yet, when it comes to your insurance not many people have a “rule” to follow when it comes to second opinions.  So here it is; Each year you should review your coverage for all insurances that you pay for.  When reviewing if something does not seem right or you saw an increase you should get another opinion.  Oh, but Bill this takes to long.  Actually no, if you have a plan you are comfortable with your time investment could be less than 15 minutes.  Think about how long it would take to fax or e-mail 3-8 pages of your current plan to one or more potential new agents.  Then factor in a few minutes on the phone for a few details.  Lastly, the couple of minute conversation.

No you will hear one of four things;1. your rate is awesome and your coverage is solid 2.  your rate can be improved and your coverage is solid 3. your rate looks good but your coverage really should be improved 4. the one you do not want to hear is your rate and coverage is terrible unless it is followed by an “i can fix them both…”

Bottom line is reviewing your insurance always creates a positive outcome.  Do it annually to avoid having to say ” I saved $(insert your number her) by switching to…”  A market swing is $300 or less so anything more than that is nothing to brag about.