As a financially successful individual, you have proven yourself to be money savvy – saving when you can and investing wisely. But are you spending your hard-earned wealth wisely when it comes to insurance?
Chubb® conducted a survey of more than 600 independent insurance brokers and asked if their clients were over or underinsured with their previous mass-carrier insurance for 21 types of coverage. The results showed that a non-personalized insurer does not appear to be doing their due diligence when it comes to their client’s financial security.
According to the survey, 63% of independent insurance agents were able to insure a new client properly and keep the annual premium at no more than 5% above the mass-carrier price. In half the cases, it was less.
But what were the top areas where clients were overpaying?
- Having deductibles that were too low
- Failing to earn package discounts
- Not getting premium credits for alarm systems and other loss prevention devices
And what about underinsuring? Coverage for umbrella liability, valuable collections, uninsured/underinsured liability, and rebuilding a damaged home remained the most likely underinsured risks, with a shocking 92% being underinsured in the category of umbrella liability. This is especially frightening when you consider that in 2008, $29 million was awarded to the family of a four-year-old boy who suffered a debilitating spinal cord injury while riding as a passenger in a vehicle involved in a head-on collision.
I have personally run into situations that mirror the results of this survey. I often meet with individuals who are underinsured or incorrectly insured with their current insurance carrier. Many insurance carriers in the mainstream market simply cannot provide the types of coverage that an affluent individual needs. These individuals often own assets that could be covered more effectively and for less premium if they were with the proper carrier.
This is why I’m so proud to be an Independent Insurance Agent. Because of the multiple facets that comprise your lifestyle, there are more variables available for adjusting coverage in order to keep you properly insured and not paying too much. And since R&R represents multiple markets, I am confident that one of our luxury insurance carrier partners will be the perfect fit for you and your needs.
