What a difference a good p & c agent can make?

As a former licensed agent, in the distant past for a short while, and former lecturer on insurance planning you would have thought that my auto and homeowner’s policies were probably as good as value as you could get.  And still I felt like I was paying more than necessary.  So when an associate, Stafford Jacobs offered to review my coverage I took him up on his offer.

Here are some of the areas that he suggested I consider changing:

Lower Deductible – As a financial planner reducing the deductible is my first suggestion to have my clients change reduce premium.  My recollection was that my agent had said that the premium savings was not sufficient to lower the deductible.  Reconsidering I thought “How crazy is that t I have a $1,000 deductible for my homeowner’s policy that I hope to never sue and a $5,000 deductible for my medical policy that I use every year.”

Savings:  $628 per six months

Decline Collision Coverage – O.K. may be I was in denial here.  I love my car and it is almost ten years old.  I swear it looks like it’s just three years old.  I may drive this  car another five years and that doesn’t mean that it would make sense to repair it rather than replace it.

Savings:  $140 per six months

Premium Option Endorsement – This coverage sounds like a boondoggle to me.  And it wasn’t.  It offers the very important building ordinance upgrade.  Since my home is 50 years old I LIKE this feature.

Retain:  $98 per six months

Medical Payment Coverage – Stafford suggestion that I add coverage that will pay the medical bills for my passengers in case of an accident.  While most of my friends have medical coverage it seemed that I would want my friends who were in the car with me to not have to worry about the deductibles, co-insurance and that may be that might save a friendship.

Add:  $5 per six months

As part of a comprehensive financial plan I will review the adequacy of your insurance coverage, from life and disability to your umbrella policy.  Associates like Stafford are invaluable in that they provide the current market pricing information.  If you just want a policy comparison, to include policy features  and not just premium comparison, contact Stafford directly at (415) 262-1460 #471 or stafford.jacobs@hubinternational.com.

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