The Best Insurance Comparison Starts With Your Agent

Posted by Matt Simon on Sep 19, 2018

With so many policies to manage, it’s easy to pull up an insurance comparison to find the best price for what you can afford. However — the cheapest policy isn’t always the best policy for you. Thankfully, with the right agent on your side, most of the research can be left to an expert. But what do you do when you have a different agent for every policy?

When it comes to managing all your insurance policies, you probably wish you had less of them to think about. As insurance agents, we completely understand. There are a lot of important assets in your life that need to be protected. We’re constantly discussing the importance of having the right protection for all of them. From your house to your car to your family, nothing should be forgotten — but that doesn’t mean you should have an agent for each policy.

In fact, this is actually counterproductive. At a high level, you might appear to be getting a better deal to choose the cheapest coverage from different insurance companies, but you might also be missing key coverage that you’ll need later in life.

While shopping around is one way to determine all the options in front of you, it’s tedious and can easily get confusing when you’re trying to balance several different types of insurance at once. This is where having one agent for everything can come in handy.

One agent, especially an independent agent, can provide information on each policy you need and make sure you’re covering all the risks you face. They’ll also be able to have a holistic view of everything you need from a coverage standpoint, which will make it easier for them to provide better options.

By bringing all your policies under one agency, you not only save you and your family time, but you have the opportunity to find better options — and even better discounts.

Forget the Insurance Comparisons — Bring Your Insurance Policies Under One Roof to Save Money and Time

 Researching insurance policies is tedious. It’s so much more than just a simple description of the policy and how much it costs. Every individual and family is different, and the risks they face all differ in severity and frequency. This means that no two policies are going to be alike.

Even if your neighbor says that they were able to get a great deal through their current carrier, it might not be the same result for you. And taking the time to determine your risks and obtain a quote can be enough to send your procrastination over the edge.

There is a way to make it easier. Bring all your policies under one agency, one roof, and work with a single agent for all your insurance needs. Forget about the constant insurance comparisons to find the best deal and focus on combining insurance policies to get the best coverage

On top of that, many carriers offer discounts for having multiple policies with them. So even if the “cheapest” option is calling your name, you might be able to save more money in the long run if you combine your policies under one carrier.

And keep in mind that you can combine all kinds of insurance. For most insurance companies, you’re able to bring your home or renters, auto, and life together. Typically people bring some combination of these together since they’re the most commonly purchased policies. If you have some form of specialty insurance for boats or motorcycles, you can lump these into your combined policy as well.

Use Multiline Insurance to Bring All Your Policies into One Bill

One way you can choose to combine all your different insurance policies is through multiline insurance. This is a policy where your different exposures and risks are combined into one policy.

With a multiline insurance policy, you can combine the risks that your family or business is facing into one bill that is easier to manage. Multiline insurance covers more than one “line” of coverage. An insurance line is a type or category that your specific coverage falls under. In Ohio, there are six major types of insurance lines:

  • Property
  • Personal
  • Accident and health
  • Casualty
  • Life
  • Variable life and variable annuity

With multiline insurance, you can combine any of your policies that fall into these categories into one, easy to manage policy. So, for example, instead of receiving three insurance bills, you’ll receive one bill that just has a total of all your combined premiums and a breakdown of how much each policy cost.

Multiline insurance is also another way you can receive a discount on all your policies, so you’ll be able to see the money that you saved on each bill as well.

For personal insurance, multiline coverage can include policies like home, auto, life, and more. If you already have personal lines in place, it’s not too late to combine them into one multiline policy. With each policy that you have, you have a deductible that you’ll need to meet before you receive help from your coverage. With a multiline policy, you only have one deductible, so you’ll be able to reach that limit faster.

For commercial, you’ll find that multiline policies include risks that are faced internally and externally. Your portfolio might include loss of life, physical theft, and more. Your deductibles will also work the same way as with personal insurance, which makes it easier for businesses to save money.

Can You Use Umbrella Insurance to Help Streamline Your Insurance Process?

Insurance is all about having the right protection, not the cheapest protection. Insurance is an industry where you get what you pay for, and if your family or business is managing a lot of risks, you’re not going to be able to receive comprehensive coverage from a cheap policy.

On top of that, with cheaper policies, you’re also going to find that you’ll have higher deductibles. Meaning that you’ll have to pay more out of pocket before you receive additional help from your insurance company.

This can mean that you might run into trouble if you have a serious accident or claim. Many people’s first instinct is that this will never happen to them, but insurance is all about making sure you’re prepared for the unknown. Umbrella insurance protects you when the unknown becomes more than your existing policy can handle.

Umbrella insurance is a type of liability insurance, which means it’s designed to protect you from large claims and lawsuits. It’s specifically designed to kick in when your existing policy caps out. All insurance policies have a limit, and umbrella insurance is like an add-on that prevents against financial ruin when your policy hits its limit.

The typical umbrella insurance policy is sold in increments of $1 million in coverage and goes up from there. The number is so high because it’s a combination of the costs that this policy usually accounts for. For example, if you are in a serious car accident, and it’s your fault — you could be looking at court fines, lawyer costs, hospital bills for yourself and the injured party, and more.

It’s easy to see how these costs can reach $1 million, and without an umbrella policy, you’ll be facing what your existing policy can’t cover out of pocket. When you tie an umbrella insurance policy to your multiline or combined policy, you’re ensuring that your family or business is fully protected no matter what happens.

When the absolute worst happens, what do you have in place to protect you from financial ruin? Although it sounds extreme, being prepared for anything can be the difference between losing everything and coming out on the other side with your savings intact.

Work With One Agent to Make Sure You Get the Best Insurance Experience 

The most important thing is that you have the coverage you need, when you need it. Cheap monthly premiums for any policy seem like a win in the moment, but when a tree falls through your window and you find out it’s not covered by your policy, you’ll be wishing you had thought more about comprehensive coverage.

With one agent managing your policies, you’ll be able to fully understand what your risks are and what’s most important to protect. Working with an insurance expert is the best way to ensure that you’re prepared for anything that comes your way.

If you want to learn more about multiline policies or how independent agents can help you find the best coverage for your family or business, we’re here to help. Reach out to a member of our team at Hill and Hamilton Insurance today to learn more about your options.

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Category: Small Business Insurance (8), Small Business (8), Tips (8), Umbrella Insurance (8), Umbrella Policy (8), Umbrella Insurance Claim (8), Lower Premiums (8), Consumer Tips (8)