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24 Apr 2015

Am I Insurance Poor?

Written by Adam Miller
Am I Insurance Poor?

Regardless of our age, lifestyle, occupation, living situation, or geographic location, we all need insurance protection of some sort to protect our health, personal property and financial future. Even though technology allows consumers to research and compare many different types of insurance options, in reality many consumers can become overwhelmed by the many insurance choices and end up choosing an insurance plan that leaves them in a condition known as "insurance poor." Insurance Poor can refer to consumers with very costly insurance that has very little worth, or consumers with far too little coverage for insurance that is actually valuable to them. In today's blog post, we'll look at how consumers end up Insurance Poor, and what they can do to rectify the situation and improve their insurance protection.

How It Happens

A consumer often becomes Insurance Poor when they have to quickly switch insurance plans due to a life-changing event or crisis, such as a job loss, birth of a child, divorce, or change in income. Often time constraints force consumers to make quick decisions about their property insurance or life insurance coverage without the benefit of time to research and evaluate all available options. Hasty insurance decisions can often leave consumers with expensive coverage that doesn't adequately cover their needs, or they have very little coverage to protect their many needs and assets. In addition, being insurance poor often means consumers have insurance coverage that they don't fully understand, with many critical exclusions in their plan.

Understanding Needs and Assets

For consumers that find themselves "insurance poor" and want to improve their insurance coverage, it is important to start with a thorough evaluation of immediate and long-term needs, goals, and assets. By having a proper valuation of assets and financial goals, consumers can then set out to find insurance that covers the value of these assets and goals. For example, consumers should not only consider life insurance coverage to provide for housing and living expenses, but also future costs for their young beneficiaries such as dental care, college tuition, and even wedding expenses. Also, homeowners should not only have Homeowners Insurance cover the value of their home and general possessions, but should also consider an Inland Marine policy if they have high-value assets such as heirloom jewelry, artwork, or valuable collectibles that might exceed their typical Homeowners Insurance Policy.

Making Smarter Choices

Consumers should make smarter choices when it comes to insurance coverage, and this doesn't just mean searching the Internet for low prices. Consumers should always strive to partner with an experienced insurance agent that can help them navigate the complexities of personal insurance and provide guidance to secure insurance that meets all their unique needs. Insurance agents can provide personalized service and tailored insurance solutions that provide peace of mind, since consumers can ask directly about exclusions, deductibles, discounts, and endorsements. Choosing an insurance policy directly from the Internet or through a call center will not likely provide the same level and depth of information and solutions.

Aegis strives to provide Texans with outstanding insurance solutions and exceptional customer service that give peace of mind and financial security for the future. Aegis offers a full range of top-quality insurance solutions as affordable rates, such as Homeowners, Renters, Auto Insurance, and Life Insurance. Contact the friendly and knowledgeable agents of Aegis today at 713-850-7622, or go online to request a free quote!

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