When one buys a home, what are the first things they might think about? At the top of the list is the mortgage and probably a home inspection. Why a home inspection? You want an expert eye to look for any potential problems. That is also why individuals work with a wealth manager, financial planner, estate planner, banker, etc. – to be forward thinking and watch for any red flags in their financial life. In the same way, an independent insurance agent provides unbiased counsel for managing life’s risks.
What is the number-one misunderstood coverage by professionals in many industries regarding managing “life risks” or personal insurance? It is thinking that an umbrella policy is enough. Often times, successful families think they have an umbrella, when in reality, they have their home and auto insurance with one company, which is not the same as an umbrella. When attorneys, financial planners, bankers, or accountants are working with a family making financial decisions, they review the answers to these questions to ensure the family is properly protected:
Have you bought a bigger house?
Have you recently put an addition on your home?
Do you travel often (even for a few days at a time)? Why is that important from a property standpoint?
Do you own any land? Does it have a building? Is the building vacant, leased?
What exposures do you have in your personal life that would make you a larger target?
Are you digitally active and at risk for libel or slander?
Resources beyond an insurance policy
Do you have access to multiple insurance companies for the best possible options, coverage, and rate? Is a “one size fits all” agent/agency the best solution for your situation?
Do you have a dedicated claims executive for complex claims? Is that person working for you, or do they only represent the best interest of the insurance company?
Do you have a dedicated personal insurance agent that specializes specifically in home, auto, recreational vehicle insurance, etc.? Or do they also handle business insurance, employee benefits, and more, attempting to be a Jack/Jill of all trades?
The relationship between financial professionals and an independent insurance agent rounds out the financial wellness of the client. There is a level of risk in everything in life. Allow a financial professional to mitigate financial decisions and an insurance agent to probe and support in the event of the unexpected. A quality insurance agent will be proactive, assist in property inspections, coordinate a home inventory, as well as provide additional services.
Go beyond the “umbrella” question to provide peace of mind and comfort in knowing your family is protected for the future by partnering with a reputable and results-driven insurance agency as your advocate.