The insurance market these days can be so confusing it makes you want to sit still and not move your insurance. Save this, bundle this, choose your own this. Is it really smart to have me choosing my own insurance rate? Cute little lizard but does he supply good coverage and good service. Everyone is trying to buy your insurance dollars so what does it all mean? Should it be only about the pricing? Does my business, or my family even come into the insurance equation these days?
Being a consumer in this insurance market can certainly leave you in a tough spot not knowing if what you are buying is the quality your dollar deserves. Here's some advice from our agency and it's not what you'd expect, but it's the right thing.
Pricing should always be a concern. If you have sat with the same insurance carrier and have seen your rates grow up every year. Chances are if you have not had accidents or a ton of losses on your home or business you are in a good place to move and save some money. Saving money is always important!
Here's the cautionary tale, there are some carriers who are marketing save this % with us, or pick your price. Well, when you pick your price that means you are choosing to lower your protection in order to get there. Make sure when you shop that you are shopping apples to apples with the coverage you had. Also, any insurance agent should be giving you a review as well to make sure there aren't gaps in protection where you are.
Do not scale back protection at the cost of saving a few dollars in the end it will not be worth it if you suffer a loss. Once gimmick some companies have been using on the homeowners side is to force you into higher deductibles to keep your rates lower. Some people now have a 1,500 or 2,500 deductible just to get a lower rate, but keep in mind those funds come right out of your pocket at some point. I have one client who pointed out well it will take me three years to recover that verses the savings it made me if I take a higher deductible. Made perfect sense to me and I though well it's just not worth the higher deductible. He'd rather pay $50 more a year to save $500 when a loss occurs. I never really thought about that.
If you haven't quoted in years and you don't have an agent who does annual reviews to make sure your rate doesn't grow above what you have, then shopping is for sure worth your while. Just don't be caught by all the gimmicks out there because it leads down a path of poorer coverage in most circumstances. Keep apples to apples quoting and ask for the person quoting to review your insurance needs.
You hold all the cards when you go insurance shopping. All the carriers would like to have your business so go in and get the best coverage at the best price you can find. Don't settle should be your insurance shopping mantra!
As always we are available to you for any questions you have about coverage, regardless of whether or not you are our client. We have a knowledge base we love to share regardless. Check out our updates on Facebook for some tips on insurance and articles that offer some sound insurance advice.
Brookson Insurance
"Good Things Happen Here"
Heather Swank
Owner / Agent
Heather@brooksoninsurance.com
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