Annual Insurance Review: 5 Important Tips

rotten-appleOften when a new potential client calls me for an insurance quote they often ask me to do an apples-to-apples comparison.

If I hand you two perfectly red luscious apples that look identical on the outside, but once you cut them open, one of those apples is rotten, would you still want to eat both apples? Part of my job is to review your insurance and make sure the insurance you currently have is accurate and adequate. I don’t want to match what the current carrier has on your policy, I want to work up my own evaluation of your needs, THEN compare the two.

I’m going to give you a behind-the-scenes look at what I’m looking for so you will have more knowledge and know what questions to ask when shopping for your family’s insurance.

  1. The reconstruction cost of your home is accurate. Each insurance company uses a different computer program to figure the cost of reconstruction. The information needed to work up the reconstruction cost will be all the features of your home, inside and out. Remember, the reconstruction cost does not include the land and has nothing to do with market value of the home.
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  3. The general liability is adequate. If your family has a pool, many assets etc., you may want to consider increasing your liability insurance including the purchase of an Umbrella policy.
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  5. All the discounts have been applied.
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  7. The family life insurance is in place and that the family has enough coverage.
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  9. The limits of liability and deductibles are adequate on the automobiles given the age of the cars and the needs of the family.

 
 

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