By: Advocate Brokerage
One of our core values here at Advocate Brokerage is Educating Each Client We Serve. We strive to provide our clients with as much information as possible so that they are able to make better-informed decisions when it comes to their insurance. Our goal is to ensure that our clients have the most comprehensive coverage possible. Coverage that is designed specifically for them, with as few gaps as possible.
The problem begins when people approach purchasing insurance based on the cost of the insurance premiums rather than the quality of the coverage being offered. While many successful individuals are surrounded by a circle of advisors such as attorneys and financial planners helping to protect their assets, they can (and often do) still find themselves underinsured.
It is important that as you gain more success, you regularly consult with an insurance specialist who will review your insurance portfolio. When doing so, there are a couple of key points that your insurance professional will likely have you consider.
The first is, the carrier you choose to place your coverage with matters. There is just no substitute for the type of care you can expect to receive from elite carriers, especially when it comes to the claims process. For example, when you’ve lost your home in a devastating fire, you’ll want the peace of mind that comes with knowing that your living expenses will be covered while you rebuild.
The second is, insuring your home to its proper value is very important. Your dwelling insurance limit is not the same thing as the market value of your home. If you were to put your home on the market today, the sales price you would likely get for your home WOULD BE LESS THAN THE COST TO REBUILD YOUR HOME. This is key because in the event of a total loss, you will need to rebuild the home. It is important to prepare for the worst and hope for the best.
During our annual review process, we seek to discover any changes that have occurred that may have an effect on your insurance and then discuss coverage options that you may not realize you need. Coverage such as:
· Flood insurance. Many homeowners are under the impression that their homeowner’s policy covers them against losses due to floods and unfortunately that is not the case. Most homeowners’ policies cover water damage from leaks after a burst pipe or appliance failure. Flooding is only covered by a separate flood insurance policy and often times a standard flood policy purchased through the National Flood Insurance Program are capped, leaving those with luxury homes in need of more protection.
· Excess liability coverage. Also known as an umbrella policy, excess liability coverage protects your assets should you be personally sued or involved in a liability situation. We like to refer to umbrella insurance as a sleep-better-at-night policy.
· Valuable Items coverage. Homeowners’ policies limit the coverage for many valuable items such as jewelry, furs, artwork, wine, and silverware. A personal valuables policy, also referred to as a Collections or Inland Marine policy allows you to insure these items to their full value.
We are here for you and never want to see you in a situation where you are underinsured. We will not place the importance of making the sale above the quality of the insurance we are offering. Our proactive approach often brings to light steps you can take to help keep costs as low as possible. If you are ready for a no-obligation review of your insurance, please feel free to get in touch with us. The results may surprise you.
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