umbrella policy

When you receive your insurance bill in the mail do you shake your head and wonder why it continues to increase year after year when you have been accident free and make your payments on time? Don’t worry, you are not alone. And, usually, when this happens, it makes you feel like you want to look for a cheaper “price.”

However, when you begin searching the internet, getting free quotes from here and there, you must ask yourself – why are the rates so much cheaper? Why does this cost so much less than my current home or auto insurance? Well, the difference comes down to VALUE and PRICE. Most consumers don’t realize what the VALUE of an insurance policy is, other than needing it because they have a loan on their home and auto.

I have been working in the insurance industry for 20 years, and I find the best way to understand how a policy will protect you when you need it the most is the “value.”

What is “value” and how will it help you long term?
Value, in my opinion, is the insurance product or policy along with the agency and agent. All three are extremely important when purchasing an insurance policy. An experienced agent will ask the right questions to understand your individual risk needs. And, an established agency will always be there when you need them the most, during a policy review or filing a claim.
More than just being there for you, an experienced insurance agent will understand and explain the “value” you receive in your insurance policies when working with their agency. With an assigned Account Manager, you will receive individualized attention to help you with any questions or concerns you may have. Plus, you will have someone to provide peace of mind that you have the proper protection.

Additionally, you will also have access to a Claims Representative at the agency who will handle the claim process for you. As many of you know, mitigating claims is not easy and can be very time consuming. Therefore, when someone handles it for you, the “value” is tremendous.

A qualified Account Manager will ensure that policies are in place that should protect all of your assets –from your home, which may be the biggest asset you own, to your paycheck so you can pay your bills, to your retirement since you don’t want to work forever, etc.

With all of these details laid out, it becomes more apparent how proper insurance policies bring “value” to you, but are invaluable as well — those who shop for insurance solely on price, instead of value, may save at the beginning, but pay for it in the long run.

Let me walk you through an actual claim that we were able to process at my agency: During a snow storm, a client slid through an intersection and hit a minivan carrying a family of five; three were taken to the hospital with severe injuries.

Our client notified us immediately and, after checking to ensure that they were ok physically and mentally, we were able to get the ball rolling on the claim process. Since our client had high auto liability limits as well as a $2M umbrella policy, the family involved in the accident was well taken care of and their necessary health expenses were paid for. If a client did not have these types of valuable policies, they might be concerned with losing their home or other assets to pay for the health expenses involved in the accident. Because this client had opted for “value” over price, the liability limits on his policies were enough to cover the accident. Which is exactly what insurance is for in the first place!

What I think everyone should think about when purchasing insurance is “how much am I worth?” To do this, add up all of your household assets, earnings, and retirement. If you are just starting out and don’t own a home, think of the value of your paycheck. Then think “do I have enough insurance coverage to protect my value?”

As a trusted insurance agent, I work with clients every day to make sure they know their value and that it is protected through proper coverage. I never want a client to be at risk of losing their home, paycheck, and everything they’ve worked hard to build.

All it takes is one phone call and Lawley will be able to protect you, your assets, and your family.