Insurance Tips Courtesy of My Former Self



After just over a year of stay at home motherhood I have cause to question if my mind has turned to mush.  Between poopy diapers and nursery rhymes I often question if I've retained any of what once comprised my self worth.  You know, the worth that was tied to 8 years in the commercial and personal lines insurance industry working for prominent companies.  Yep, that is the worth which has now been boiled down to how well I can sing Row Your Boat, how kindly I can seduce my bath tub fraught monkey into the water, and how regularly I can find two matching socks (which seems to correlate with full moons, but I'm still observing that pattern).  It would be wrong for me not to note that the aforementioned mom victories, be them small, are worth a bit of the mind mush so just to keep things straight here - I'm not complaining, just saying.  




Janie, pre-motherhood.

Janie, post-motherhood.





 

Even though I know I am a vastly different person then I was only a few short years ago (as evidenced by the above pictures), I'm determined to test my self occasionally for signs that my former self still exists. For instance, can I still jump rope?  Yes, although for everyones safety I'm not sure it is a good idea.  Can I still play the saxophone?  No, but let's be honest I never really could.  Can I go a day without eating chocolate?  I suppose, but what fun would that be?  Anyway, I've decided to test myself on a bit of my past life insurance knowledge in the hopes that it might benefit you. 

Now, devoted readers, I know you are an intelligent breed so you may read the below and say, Janie, we know this and we have been doing it for years.  Or, being the smarties that you are you may have had a few other things on your mind to worry about and could have possibly missed these seemingly trivial matters of personal insurance.  Either way, I am going to enlighten you or bore you for a few moments while I test my once upon a time knowledge of personal lines insurance. 

Below are a few easy, yet essential, items for you to consider when managing your personal lines (home, auto, umbrella) insurance.  Oh, and I do still hold an insurance license in the state of Ohio so it is legal for me to give this advice.  Just in case you wondered.   

Can you tell that this is my Sarah Palin impression?  You betcha!



1.  It almost always makes sense to have your home/renter/condo insurance and auto insurance bundled with the same carrier as most carriers give a worthy discount for your multi-lines loyalty.  If your home and auto insurance is not currently with the same carrier...get both coverages priced with both carriers to see if you can save any money by bundling them.


2.  Home insurance should be for catastrophes not your every day wear and tear.  That being said, consider raising your homeowners deductible to save money.  Many people carry a $250 or $500 deductible when they should be carrying a $1,000 or $1,500.  Are you really going to turn in that $300 claim for spoiled food when the electricity happened to be out for 24 hours?   Probably not, but heaven forbid a tree comes through your roof or you have a kitchen fire.  That you want to make sure you have covered.  Of course, whatever you set your deductible at, make sure you have enough available funds to pay it if a claim should arise. 

3.  Confirm that you are receiving all appropriate discounts on your auto policy.  You may be able to find savings simply because you attended Ohio State or you belong to a local club or organization in your community.  You also may be able to have your teenage driver complete an online course that will provide you with big savings.  Regardless, it can't hurt to ask and it is much better to save money through discounts then by lowering your auto coverage limits!

My little Trump in training.

4.  Consider purchasing an umbrella policy.  Really, it is the cheapest peace of mind you can buy for your family.  A million dollar umbrella policy usually ranges in price from $100 to $300 depending upon how many sue friendly belongings you own (i.e. atv, pool, boat, motorcycle, and pretty much anything else you own that could carry the description of "fun").  That being said, you also don't have to own a boat, or a pool, or any other attractive piece of motorized equipment to need an umbrella policy.  Ever heard any stories of someone visiting a friends house for a gathering, slipping on the porch stoop on their way into the house, and suing up a storm with their former "friend".  The trusting soul that I am hates to admit it, but I promise you this happens more often than you would like to imagine.  Protect your assets!

5.  Before you buy, check the financial stability of the company you are selecting.  You can do this by visiting A.M. Best's website http://www3.ambest.com/consumers/default.asp and entering in the insurance company's name and the state.  You will be looking for a rating of A or B.  Anything lower on the alphabetical scale could mean that your insurer may not have enough funds to pay your claim if one should occur.  Financial stability in an insurance company is very important and something worth thinking about.

DISCLAIMER:  These tips are not intended to offend anyone, persuade anyone to leave their current agent or insurer, or tempt you into suing me now that you know I have an umbrella policy.  These thoughts are simply shared to test my knowledge and to help you become an educated insurance consumer.  Make the most of these tips or delete them from your memory.  Capisce?