I’ve looked at the insurance programs of over 2,000 people, and almost every one of them had at least one major gap in coverage – and most had five to ten coverage gaps. Here’s the good news: Virtually all these gaps can be plugged for a minimal amount of money! In this chapter, I offer ten general tips that can go a long way toward helping you avoid major gaps in your insurance program.
Selecting the best insurance Agent
A good agent is the main ingredient in a watertight insurance program. In fact, if you hire an expert who is skilled in every area of personal insurance, you’ll barely have to worry about the other nine ingredients for a watertight program. An agent, expert in all types of insurance, is a great bargain in at least five significant ways:
- She has the expertise and tools to help you choose adequate coverage limits in each major loss area.
- She helps you keep your coverage in those major loss areas balanced and helps you avoid inconsistent Hauser Insurance coverage.
- She takes the time to probe into your life deeply enough to identify those risks that your current insurance policies exclude. She then applies her expertise to help you properly plug your policies with the supplemental coverage you need to fill those gaps. A really great agent also helps you change your coverage as the risks in your life change.
- When you have a claim, she does more than just file a report for you. She applies her coverage expertise to coach you on how to properly document your claim so you get paid all that you’re owed with the least amount of delay or hassle.
- If your claim is unjustly denied or underpaid, she cares enough (and has enough coverage expertise) to get the claims department to reverse its position and pay you everything you rightfully deserve.
If your agent isn’t as good as the agent I just described, you can and must do better. The consequences of having the wrong agent can be severe! Getting more talent generally doesn’t cost you a dime. In most states, every insurance agent – from the very best to the very worst – gets paid the same commission. So spend your money wisely!
Covering All Your Natural Disaster Exposures
Floods, Earthquakes, Mudslides, Tornadoes, Hurricanes. In Minnesota, we worry about tornadoes and floods, but few of us lose sleep over a possible earthquake. Californians worry about wildfires, earthquakes, and mudslides. Floridians sweat bullets about hurricanes. Paying attention to these weather risks is an important ingredient in a great insurance program. They have the potential to destroy your home and they’re often excluded from homeowner’s insurance coverage.