First Article
Finding Trust & An Insurance Adviser
Far too many really good people have a mistaken assumption. They think all insurance is the same and the only thing different from policy to policy, or company to company, is the price. They purchase their insurance based primarily on that price without asking questions or having an independent adviser to look at their needs while considering their assets, risks and financial exposure.
The simple truth is that all insurance is not the same. Far from it. The manner and depth in which one company provides a coverage may be very different from another company, even though both provide the stated coverage. It’s kind of like having a warranty on something you buy. Not all warranties are the same as they cover different things in different ways. It takes a real-life practical understanding of these differences when it comes to insurance protection to make certain the policy you have is the policy you need or want. An insurance claim just shouldn’t take an unacceptable bite out of your bank account beyond the limits of your deductibles and responsibilities as written in the policy. After all, an insurance policy is a legal contract and by paying for it you’ve already agreed to the terms of that contract. So do you really know what’s in it and what you’ve agreed to?
One way to express the ideal is this: To have a policy that doesn’t actually cover you as much as it should means you’d have to change your life and decrease your assets to fit into the policy OR, since that’s no good, then accept the possibility of harsh financial risk far beyond your means. Either option is not a very good choice to have. They’re actually both horrible choices to have since neither provide an actual barrier for protecting your property or assets as they really are. Yet that’s what happens so often when good folks allow for the lowering of policy limits and coverages and/or the raising of deductibles just so the price is lowered enough for them to feel they got a great deal.
Circumstances like this are fine so long as you know about it, agree to it, and understand how it could affect you if something really bad happens. But when it’s done without your direct personal knowledge with an explanation of what’s been done and why, then the financial risks you’ll face if the unexpected happens could very well come as an enormous financial shock. Because once something happens, it’s too late for such a policy shortfall to make it right. So what seemed like a good deal in the beginning ends up being anything but.
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