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$0 insurance, worth every penny!


We all love saving money but getting a "cheap" policy comes with some nasty surprises: $0 coverages!

One of my favorite things to do as an agent is to help people understand insurance coverage. This becomes even more important when a client is on a tight budget. While I don't have any control over the premiums that insurance companies charge, I can help guide a client to which coverages are most crucial and how they impact the overall cost of the policy.

This presents an interesting challenge when insurance carriers are finding they can go directly to the insurance prospect and deliver policies without any interaction from an agent. I'm biased of course but in that model, who exactly is looking out for the client? A direct carrier can:

  1. Create its own policy forms and exclusions
  2. Design its acknowledgement forms
  3. Target clients based on just about any criteria (credit score, age, race, gender, zip code)
  4. Define its level of claims service (each one can be different)
  5. All of this without having a single human point of contact!

For some people, the too-good-to-be-believed premiums advertised are worth the risk of a less than satisfactory claims experience.

Today I say an ad for a $19/month commercial insurance policy. This ad was delivered to me without knowing anything about me or my business. Also alarming is the ad doesn't describe anything about the policy and what it covers. They lead with the price in hopes I buy it. But when do they tell me it doesn't cover cyber liability, employee theft, wind coverage, mechanical breakdown, digital records, replacement cost, and other things I need protection for? It frightens me that something so important can be boiled down to its cheapest form and sold as "a policy."

Do you think any of the thousands of business destroyed by Hurricane Irma were adequately insured by a $19/month policy? Where do they turn?

What comes with a $19/month policy is a long list of $0 insurance coverages. Because companies know consumers don't understand their products, they can focus on selling policies that appear to be cheap even if it means leaving out the coverages that the consumer is most likely to use. Just about anything insurance related can be called an "insurance policy."

Don't get a policy, get protected.

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