Careful … that 15 minutes could cost you more than you think.

By: Edward L. Blais, JD, CIC

Despite what many advertisements promote, much more goes into insurance than just price. And it takes more than 15 minutes to do it right. The real question for consumers should be: What does that eye catching price really buy?

Imagine if I said to you: How much would you pay me for my car? Without knowing what type of car it is, you would have no idea what a fair price would be. This example illustrates the questionable nature of online,  instant insurance quoting – how do they adequately protect your home and auto exposures without first seeing what you need to protect.

The only way to shop for insurance responsibly is to start with the coverages you need, then research and secure the best possible price for those coverages. Unfortunately, the second you need it, it is already too late to obtain any more of it. You have to get it right the first time.

Your home is most likely the largest investment you will ever make. Therefore, it is essential to make sure it has adequate insurance, which enables you to rebuild in the terrible event it is destroyed or damaged.

 “Insurance-to-value” is a term used to explain whether the amount of insurance coverage you have covers the total cost of rebuilding your home and replacing your belongings. It is likely that the cost to initially build is far less than the replacement costs associated with rebuilding your home today. Rebuilding costs depend on the current price of materials and labor, which fluctuate with inflation. However, being “insured-to-value” safeguards you against rising costs.

If you build an addition, remodel your home, or refinish your basement, it is important to update your policy. Call us at 725-0070 to review your current policy and arrange for an estimator to determine how much insurance your home needs. Please be advised however, it will take us longer than 15 minutes!