Not All Policies Are Created Equal
It happens all of the time. You’re frustrated with the cost of your home or auto insurance policy and start looking around. Eventually you get a quote either from an agent or on the internet that looks like it will save you money.
What exactly did you just buy? How does the policy you found compare to the one you’re replacing? This is when the expertise of a professional insurance agent can help you.
Our agency represents fourteen insurance carriers for home and auto insurance. All of which offer a couple of different homeowners insurance products. Within each product, many coverage options are available. Obviously, these options involve different costs. We are also aware of the policy provisions and limitations of our competition.
A professional insurance agent will develop an insurance program that is designed to include coverage focused on your individual needs. They will explain what options are available to you, and how your current policy stacks up against what they are recommending to you. This allows you to decide which of those options are important and if you want to pay for it.
Compare purchasing insurance to purchasing a vehicle. If you need a pickup truck for its utility capabilities, but you’re sold a less expensive compact car because it has better fuel economy, did you make a smart buy? Fitting your needs is definitely more critical than spending less and not getting what works well for you.
On a daily basis, we can always quote a policy for someone that costs less than what they currently have, including those of our own customers. When we sit down and explain the differences in the policies, our customers realize the value of working with a professional insurance agent. They appreciate the expertise we convey in our field, and don’t feel like they’re in it alone. They have a trusted professional to rely upon.
By the same token, we appreciate the customers that value our expertise, and feel confident they won’t leave us the first time a cheaper quote is flashed in front of them. They’ll ask us for our opinion and they get honest, professional and knowledgeable advice from their trusted insurance advisor.
Not all policies are created equal, and neither are insurance agents.
Hang on to your hats……….
Consumers in Wisconsin are in for a bumpy ride. Homeowner insurance rates have been climbing steadily among all insurance carriers and are expected to rise even further. Insurance carriers throughout the Midwest have experienced unprecedented losses paying for severe and frequent wind storms, hail storms, heavy rain, tornadoes, etc. over the past several years, and premiums simply do not provide enough funds to pay for all the losses experienced. Wisconsin has always had very low home insurance rates compared to all other states in the US and we’ve been spoiled. Insurance carriers, for that matter, have too, because they have always been able to make money doing business in Wisconsin, but that’s definitely not been the case for a while.
There are several things one can do to help control the cost of their insurance without jeopardizing quality protection. It’s best to work with an Independent Insurance Agent who can provide you with coverage options and cost containment ideas, as well as products offered by various insurance carriers. The flexibility available to an Independent Insurance Agent is due to the fact they represent many carriers, which allows the agent to tailor your coverage to your needs. The agent should educate you so that you understand what you are protecting, what options are available and at what cost. Finally, the agent should offer you the opportunity for you to decide what you feel is important to include in your policy, and what you feel you may not need.
As a consumer, it’s also important to revisit your perception of insurance protection. It’s no longer beneficial to file a claim for $600 or $700 damage to your wood floor from a leaking dishwasher. Insurance rates increase if claims are submitted, and carriers can cancel policies when multiple claims are submitted. This leaves the consumer in a position where they are left trying to replace coverage in a market that doesn’t afford coverage to them given their prior claims. Further they can be forced into a very high cost product if they do. Reserve your insurance protection for catastrophic losses. Include high deductibles of $1,000 or $2,500 on your policies to save on premiums in the meantime.
Insure Your Cheer This Holiday Season
Gatherings with family and friends, picking out the perfect gift, traveling to meet that special someone, and celebrating a religious tradition are all activities that make the Holiday Season a time to remember. Sadly, there are individuals in our society that will make this Season a time to forget for unsuspecting and unprepared homeowners and consumers. Read the whole story »
Get Prepared – WI Insurance Law Changes November 1
Wisconsin auto insurance laws are changing effective November 1, 2011. The changes repeal certain provisions enacted in 2009 by then Governor, Jim Doyle. One important change, is the reduction of the minimum Bodily Injury Liability limits back to $25,000 per person, $50,000 per Accident and a $10,000 Property Damage Liability. The change is significant, as many consumers were not able to afford the higher limits and increases passed in 2009. Going forward, the updates offer more affordability and choice for the consumer. Read the whole story »
Life Insurance Education
A 2010 LIMRA study reports that “only 44% of U.S. households
have individual life insurance,” which is a 50 year low. September is Life
Insurance Awareness Month. During this month, start the conversation about the
value of life insurance. Read the whole story »
Introducing: American Advantage – IFS
We are excited to introduce the new web home of American Advantage IFS. With over 100 years of combined insurance industry knowledge on our team, we are looking forward to educating consumers on the do’s and don’ts of purchasing insurance products. Read the whole story »