Traditionally, people have purchased insurance to protect themselves from possible losses arising from accident, theft and disaster. Insurance may also be used to provide for dependents’ future financial needs in the event of a breadwinner’s death. The fact is that insurance can play as important a role in assuring financial well-being as in reducing risk. Either way, insurance makes it possible for families and individuals to maintain a desired standard of living. Whether used to provide health or death benefits, a vehicle for savings, a plan for retirement or protection of home and automobile, insurance is an important factor in our lives. The intent of future columns in this series is to provide information about insurance products and buying strategies.

NOTE: Until the mid-1950s, homeowners had to purchase individual policies to cover separate perils that could pose risks to their home.


If you own an older automobile outright, some recommend that you consider dropping the collision and comprehensive portions of your auto policy since most insurers will pay out the depreciated value of a vehicle that is not worth repairing. Insurance is only intended to cover things that a person cannot replace. In the case of an older car, it may be worth more saving for a new one than paying for collision and coverage. If there is an outstanding car loan or a lease on the older vehicle, it is recommended that the coverage be topped up. “Gap” insurance pays the difference between the depreciated value and the amount needed to pay off the loan or lease.

HINT: “Agreed value” auto policies set the limit that a policyholder will receive and an insurance company will pay in the event of total loss or theft of a vehicle.


Because auto insurance pricing is so competitive, it often pays for consumers to shop around. Some insurers practice “price optimization,” which involves using information that is unrelated to risk to set rates for an individual consumer. Price optimization measures how likely it is that a person will compare prices and how much of a rate increase a person would be willing to accept before switching insurers. While no one can be sure if he or she is subject to a price optimization policy by his or her insurer, it may not hurt to shop around for lower rates. In some cases, it may even be possible to get several quotes and ask a preferred insurer to match the lowest one.

NOTE: If you have a good driving record and have been with a single insurer for a long time, chances are that the insurer would like to keep you as a customer.


To protect their personal assets from their companies’ liabilities, many business owners choose to form a “limited liability company” (LLC) instead of a sole proprietorship or a general partnership. Doing so offers protection for their personal assets in the event of a judgment against their businesses. It is important that business owners with LLCs select insurance coverage that meets their needs and protects against coverage gaps. The fact is that an LLC does not protect business owners against all threats. For instance, if a limited liability company assumes too much business debt, it may sometimes be possible for lawyers to hold the business owners accountable for those debts. Proper LLC coverage protects against “piercing the corporate veil.”

NOTE: Limited liability company (LLC) insurance requirements are set by the state.


    Auto Insurance


Accidents can happen. And when they do, you want the right coverage to help protect you and your family.




Home Insurance


You chose your house, condo or apartment because it meets your needs. Now you can choose an insurance plan that does the same thing.




Business Insurance

Whether you are a manufacturer, wholesaler, retailer or just about any type of business, we can tailor a program to match your needs.





Life Insurance

Life Insurance is an essential component of a complete financial plan, providing protection for your future.



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