Protect Yourself and Your Bottom Line by Re-Evaluating Your Insurance Coverage
During these tumultuous times, it is natural to feel as if we have lost the ability to control key aspects of our daily lives. We hope that many of the restrictions we tolerate today are short-term inconveniences to protect our loved ones and our community. When it comes to our financial health, however, it is more challenging to be optimistic about the short- and long-term economic impact of the pandemic. The encouraging news is that many people can take control of their finances by cutting expenses to realize an immediate impact to their bottom line. Closely evaluating the cost of your insurance coverage may reveal opportunities to reduce your monthly premiums while better aligning your coverage to protect you and your family.
“Set It and Forget It?”
Many consumers take a “set it and forget it” approach to insurance. They work with a company to purchase home, auto, life and other coverages, breathe a sigh of relief and trust that they are protected for whatever comes their way. They feel good about taking advantage of the latest internet offer, believe in the slogan that saving money takes less time than picking up takeout food, and are okay with a computerized template determining the best levels of coverage for their family. In reality, unless they take the time to fully understand their policies, consumers can easily make the incorrect assumption that they are getting good value. Here are some key questions to consider:
- Do I have adequate levels of coverage to protect my family? According to the latest report from IRC (Insurance Research Council) 1 out of 8 drivers in Colorado are NOT insured. Do you have protection for you and your family from them if they crash into your car?
- If I agree to a high deductible to save on premiums, will I have the coverage I need when an incident occurs?
- Am I being asked to trade certain coverages in order to have a lower premium in the short-term?
- How do I know that I am getting the best value for my money without comparing costs among multiple carriers?
The Broker Advantage
The good news is that consumers do not have to spend their time researching insurance questions in a vacuum. Insurance brokers, like RPM Agency, can navigate these waters for their clients. Here’s how:
- They work for, and are accountable to, each client and not one specific insurance company.
- They scour the market to match consumers’ needs with coverages from numerous insurance carriers that offer the best value.
- They understand the nuances of the industry and can protect clients from hidden costs and surprise increases in premiums.
“I believe we are part of a noble profession,” says RPM Agency Owner and Agent Michele Robbins. “As a broker, our loyalty is to our client and not to a single insurance company. In our agency, we take personal responsibility for being a trusted advisor and staunch advocate for our clients, who we consider our partners.”
A Transparent, Money-Saving Approach
RPM works in partnership with clients to correct their current coverages, aligning policies with priorities. This includes an in-depth, line-by-line review of coverages with complete transparency to ensure that clients are fully engaged in customizing the insurance package that meets their needs. “As we evaluate the capabilities of insurance carriers across the country, we are first and foremost client advocates and careful stewards of our clients’ investments,” says Robbins.
“RPM has saved clients an average of $1,000-$2,500 per year in insurance premiums, helping them realize an increase of between $100-$200 to their monthly income, and without compromising their protection, adds Robbins. “ In these times of economic uncertainty, we believe this is a significant boost to our clients’ bottom line and an important step in helping them maintain financial confidence and control.”
RPM article published in the Canyon Courier