Continuing with the theme of Four Rs, today we visit Risk Management. Having discussed requirements, we now focus on what you will CHOOSE to purchase to mitigate risk or losses from certain events. From the perspective of auto insurance which most people are familiar with but may not realize that physical damage to your vehicle is known as a "first party" coverage and you must choose comprehensive and collision to be covered in the case of a loss. Additionally, you will choose a deductible, starting as low as $500 that will apply to any damages paid. Obviously your premium will reflect whether you choose this coverage and how high your deductible is. Not to confuse the issue, but comp/collision will be REQUIRED by most lenders if you finance the vehicle.
Well of course my new car is financed, Mike, so what coverage do I really have a choice? Probably the biggest area a good agent can assist you in this area is understanding common Exclusions. For instance, jewelry has a low limit on your homeowners policy and most people will need a Floater policy for such items. In commercial insurance, many businesses would need an Inland Marine policy for items that are excluded from most property policies.
Give me a call to review your current policies and be sure you are practicing good risk management.
Well of course my new car is financed, Mike, so what coverage do I really have a choice? Probably the biggest area a good agent can assist you in this area is understanding common Exclusions. For instance, jewelry has a low limit on your homeowners policy and most people will need a Floater policy for such items. In commercial insurance, many businesses would need an Inland Marine policy for items that are excluded from most property policies.
Give me a call to review your current policies and be sure you are practicing good risk management.
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