The Achilles' heel of Insurance! Image

The Achilles' heel of Insurance!

March 18, 2022


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Once upon a time there was a man named Achilles. When he was a baby his mother baptized him in the River Styx. This made him physically invulnerable. All accept his heel by which she held him. In today’s World, I present to you “underinsurance.”

How to be a problem solver!

The first step to solving a problem is realizing that you have one. When purchasing any type of insurance it is crucial that you properly evaluate the cost and worth of your assets. When in doubt make sure to do your research. Calculate your total losses in individual major categories and add them together instead of estimating in a “one size fits all” way. Also, get a local contractor to survey your house and give you a quote of what the repair cost would be in the case of an emergency and total loss. Whatever that amount is you should make sure you are insured for.

Are they speaking your language?

Most commonly underinsurance happens because you don’t comprehend what the insurance provider is talking about when purchasing coverage. That leads to a very frustrating and overwhelming process. When having important conversations it’s crucial that you’re in a zone that promotes asking questions in order to obtain valuable feedback. Often times when you are knowledgeable in a field you speak in terms that are not common. Do not be afraid to make your representative slow down and explain what something means. Also, the responsibility falls on you to be honest with your representative. Do not oversell or undersell yourself or your home. Knowing all correct the information will assist your insurance provider with getting you the best coverage for the lowest price – a win/win situation!

What happens if I can’t afford enough coverage?

 Knowledge is the power. If you know that you have an amount that insurance won’t pay for or you just can’t afford to buy a bigger policy, try having enough money in your savings account to cover that cost. Even if it means that you have to sacrifice in other areas of daily life. One common type of insurance policies do not cover is floods. You can add on specific flood coverage to your existing policy or you can save enough money to repair your house in the event that a flood does occur. If you do not have either of those things… you are underinsured! Another cost not commonly thought about is sewer damage. The average cost of sewer repairs in Florida is $3000 to $30,000 dollars! If you are underinsured you could be paying out of pocket for that! If you don’t have any money saved up it will take you that much longer to get the problem solved!

When in doubt…

If you think you are underinsured you probably are. Don’t wait until you’re in a pinch to worry about how you’re going to save yourself. It’s very easy to talk to an insurance representative today and re-evaluate your policy. Use online research and in person conversations to determine what the right policy is for you! Don’t settle for being underinsured because you are not aware of all the options. Also, don’t be underinsured because you are just looking for the lowest deal! That will be your Achilles’ heel!!!

The information contained in this page is provided for general informational purposes only and may not be applicable to all situations. WeInsure makes no guarantees of results from the use of this information.