Insurance is one of those things in life you want to get it and forget it. The caveat though is regret it. Most people spend more money on insurance annually than they do doctor, dentist, lawyer and medical bills combined…most people. Yet no one takes the time to see what their money is actually doing for them.
I was with a prospective client the other day and she showed me her declaration page. The problem was she was paying for her husband and herself, and the kids were non-rated, but living with them. So what she didn’t know, or her agent for that matter, was that a non-rated person could be in the same household and not affect your coverage, but they had to have their own vehicle with their own separate policy. Not the case here. If the kids got into an accident the company would state they were not properly written and not pay any money out.
Imagine that, you are paying thousands of dollars per year for car insurance and you’re not protected because of the agent who did not properly write their policy. They would have had to sue the agent against his E&O insurance and the process would have been extremely difficult for everyone.
Another incident involved a realtor who, for 23 years, was paying near $3000/year for home insurance! She assumed everything was fine because it came through her husband’s company and was deducted from his check before he paid. The problem was when I priced it out – with better coverage I might add – the premium was only $1450/year. If she was overpaying for 23 years she could have unnecessarily spent an extra 35,000.
Review Your Insurance
In both incidences there was a get it, forget it, and regret it scenario! Don’t be this type of person. No one wants to deal with insurance, I get it, but at least take the time with a true professional who knows what they are talking about and figure out what is best for you and your family. I try to, at the very least, meet with my clients once a year to go over their policies and see if anything has changed. Whether they had a child, or bought a boat, or anything I could help price out for them before they buy something is also very convenient. I do this because I am responsible for the protection of their assets. They are paying me, the Scottsdale insurance professional, to keep what they worked so hard for.