Thanks in large part to the estimated $12.51 BILLION that insurance companies will spend in 2022 on advertising, consumers are led to believe that getting insurance is fast and easy and that it will always result in cost savings. These well known ad campaigns are entertaining and memorable but they often create unrealistic expectations and can cause consumers to become frustrated because reality is a little more complex. Our agents shared some things they say would help the agent-client relationship.
MAKE AN APPOINTMENT
With the technological advances of the past 2+ years, working from home is more common now than ever. Without an appointment, you may stop by your insurance agency’s office only find that there aren’t any agents immediately available. Imagine stopping by your doctor’s office expecting to be seen immediately. It is the same with your insurance agency. An appointment will allow your agent to collect all necessary information and your meeting will be far more successful.
HOME INSURANCE DOESN’T COVER PREVENTIVE MAINTENANCE OR UPKEEP
Home insurance does not cover preventive maintenance. You are responsible for repairs and maintenance due to normal aging and use of a house. For example, if a tree is dying and is about to fall on your garage, it is your responsibility to prevent future damage by removing the tree before it falls. Insurance, meanwhile, would help pay for repairs if a tree were to fall on your roof during a storm.
PRICE SHOPPING CAN DO MORE HARM THAN GOOD
Shopping around for cheaper insurance every six to twelve months may offer you some temporary savings, but at what cost? Companies lure you in with the promise of cheaper rates but what they don’t do is take the time to make sure your policies are specifically tailored to your unique needs. And never forget: you get what you pay for.
MINIMUM COVERAGES MIGHT NOT BE ENOUGH
Many people assume that the state-required minimum coverage limits will suffice. But the resulting medical costs of a bad accident can add up quickly, and you’ll be burdened with potentially massive out-of-pocket expenses after these limits are quickly surpassed.
PAY YOUR PREMIUMS ON TIME
Your insurance premiums are legally binding contracts that cannot simply be changed without prior notice. Pay close attention to your payment schedule. If it ever needs to be changed, you typically need to do it at least 10 days before the due date. And be aware: if you switch from Pay-In-Full to Monthly, you risk losing that discount.
APPRAISED VALUE, REPLACEMENT COST, & ASSESSED VALUE
These terms are similar but not identical, and are often misunderstood. Appraised Value is the price of a home if it were to go up for sale. Assessed Value is what determines your property taxes. Replacement Cost is how much it would actually cost to rebuild your home in current market conditions. Home insurance is based upon the replacement cost which is often the highest of all three amounts.
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