Guest Feature | Insurance isn’t sexy but it sure is important! | Lisa Lundquist
As an Insurance Broker, I geek out on insurance and love spending my days learning the numerous nuances that this industry contains, and there are a lot of them!
While Insurance is not sexy, it’s a very important piece to being an auto owner, renter, homeowner, etc. And, if you’re going to spend money on it, you might as well make it do right by you. Highlighted below are a few of the things I always advocate for with my clients and look out for on their behalf:
My number one, biggest piece of advice is to always work with a broker you trust. Working with a broker means that they will do the majority of the shopping for you, have your best interests in mind and work for you. Across the US, the Goosehead brand has relationships with more than 100 carriers and specifically in Colorado we write with 30+ A rated carriers. Can you imagine calling each of those companies yourself, relaying the same info each time, then sorting through all of the quotes trying to figure out what is what? No, thank you! Working with a broker means they will do the legwork and present to you an option that best covers your assets. They’ll also be there for you through the claims process, advocating for you and keeping your best interest forefront. Personal Plug: My agency will re-shop any policies you have with us every two years to make sure you are still in the best possible policy.
Second, protect your assets by carrying the proper insurance. If you have a Million Dollar home, carry $1,000,000 in Liability Coverage. If you have a custom kitchen make sure that the policy acknowledges that your kitchen is custom and gives the proper amount of coverage for it. In insurance, your agent can manipulate the policy in lots of different ways to get the premium lower such as cutting the square footage, diminishing the level of finishes, etc. While this will get the cost lower in the short term, it will cost you BIG time when you go to use your insurance. Imagine having a kitchen with custom cabinetry and granite everywhere and getting a check to repair or replace it that will only cover Ikea cabinetry and linoleum…
I also never, and I mean never, advise clients carry State Minimums. This is the lowest amount of insurance the state has determined is okay to carry. You’re going to be paying for this policy month over month so make sure that if you ever have to use it, it’ll cover you. The difference between State Minimums and the next tier of coverage (which is double the coverage of the State Minimums) typically falls around $7-$10 more per month. Personally, I’d rather pay that additional amount over the years and have adequate coverage when I need it versus find myself having to come up with thousands of dollars out of pocket. If you own a home, this becomes even more important. Per Colorado law, if you are the cause of an auto accident that you do not have adequate coverage for, the injured parties can go after the equity in your home. Just don’t do it; protect yourself and your investments by carrying adequate coverages.
Thank you for coming to my TedTalk on Insurance! This is just the tip of the iceberg, so I’ll leave you with my last bit of advice… Ask questions, ask a lot of questions, ask until you are comfortable and if you aren’t just yet, keep asking them!
Hope this helps!
Lisa
Hi! My name is Lisa Lundquist and I got into the Insurance Business because it’s the perfect field for my natural talent to worry, ha! I’ve grown up around the real estate and automobile industries and love that I get to be a part of people’s biggest transactions by helping them protect those assets. I’m a Michigan native and refuse to give up my sports teams (no matter how bad they may be!), which keeps things interesting with my Colorado sports obsessed boyfriend. When I’m not shopping insurance, I love skiing, spending time with our two golden retrievers and I love a good game night with friends. If you need insurance help or a game recommendation, I’m your girl!
