Steven Strassman: Protecting Your Assets
Are You Risking Your Valuable Assets?
We like to make apples-to-apples comparisons on features and price when we shop. That's a great method when we’re dealing with similar or equal products. The problem is people tend to approach buying insurance the same way. They tend to think that all insurance is equal and don’t try to understand what they're actually buying or the ramifications of their decision.
This is more prevalent today with the internet and the ease with which consumers can receive quotes from several companies with the push of a few buttons or perhaps a quick phone call. Be aware that the agents with these online companies may not have your best interests at heart and that they focus on price at the expense of coverage.
When purchasing auto insurance, most people end up with the same coverage they had from their previous carrier. This can put their assets at risk. Coverages are not that hard to understand, but most shoppers never ask how the policy would either protect or endanger their assets.
A full-service insurance company will explain all of the coverages and how they protect a client’s assets. Then clients can make informed decisions about what they need for their specific situation. Sometimes an extra dollar every six months is worth it if it means a person can double his/her asset protection.
Consumers also should be informed about which assets are protected by law and which ones are at the mercy of litigation. Everyone deserves the individualized attention that allows them to protect their assets. Many times the rates at a full-service agency are equal to or less than those of the companies that brag about saving people money.
The same holds true for homeowners insurance, though in Florida there are company solvency issues that require careful attention.
Beyond understanding the coverages, homeowners need to examine the insurance company rating from AM Best or Demotech. The ratings are determined primarily by the assets, reserves and re-insurance of the insurance companies themselves. The ratings and company financials show the insurance company’s viability and ability to pay claims in the event of a catastrophe. Making the right choice is critical when dealing with what is probably your most valuable asset – your home.
Insurance shoppers should always do their due diligence when comparing coverages and asset protection. Insurance is a sizable portion of the family budget. Researching companies and making the best, most personalized decisions means more security in your future.
Steven Strassman is the owner of Strassman Insurance in Lake Mary, an agency he has owned for 14 years. The firm offers a range of insurance and financial products, from home, auto, boat and renters’ insurance to umbrella and commercial policies, life insurance, disability policies, annuities and college education plans. A graduate of Embry-Riddle Aeronautical University in Daytona Beach, Strassman has inspired his children to follow in his business footsteps: son Brad is the agency’s IT manager and daughter Jackie will be joining the firm this year.
