How do you know if your insurance portfolio is what is should be? What if you are underinsured in some really critical area, or are totally wasting your money buying insurance in an area that is unnecessary?
We have lots of advice to give because a big part of our job is answering the question, "Is my insurance all that it should be?". We begin with posing these questions:
1. How involved were you in choosing your current limits of insurance?
2. How did you decide between your coverage options?
3. Could you summarize some of the major claims that would NOT be covered by your insurance?
4. How often do you conduct a complete risk and insurance review?
5. How did you decide on your deductibles?
We have yet to find a consumer who can answer these questions with:
1. Very.
2. After thorough research, counsel, and discussion.
3. Definitely.
4. Annually, and as needed when things and circumstance with people whom we love change.
5. After determining our risk appetite, our cash reserve position, and comparing the premium savings with the intentional level of self-insurance.
Instead, our clients typically respond with "Uh...will you just do this for me?". Absolutely!
