22
Nov
2016

Apples and Oranges?

November 22nd, 2016

Buying insurance is not like buying apples or oranges. If this was the case, then comparison shopping would be fairly easy to do.

However, insurance products are as varied as the individual needs of the customer. There is no simple solution for a one-size- fits- all approach. While the costs of the insurance, or the premium paid for a policy is an important consideration, the underlying reason for insurance is to protect you form a potentially catastrophic financial loss. There is no benefit in paying for a policy that only partially responds to a loss or worse, not at all.

Insuring your home, boat, business, vehicle or business venture all have their own underwriting requirements. This supports the earlier point that insurance is not a commodity and there is are many differences between certain types of insurance products and the people who need the insurance coverage.

Don’t be fooled by with claims of great coverage at great prices.

The sharing of basic underwriting information gets the quoting process started and this can be done on our website. This is often a great starting point for the conversation to begin.  Many times, an insurance solution can be agreed upon easily, depending on how risk averse the customer may be. Or put another way how much of the loss they are willing to accept personally. By purchasing an insurance policy you are transferring the loss exposure from yourself to the insurance company. The premium charged for the policy is partly based on this transfer of financial responsibility. Another consideration is balancing the likelihood of a claim occurring versus the severity of the loss.

In consultation with our clients, we offer choices of coverages, tailored to their individual needs. If you are unsure of what your present policy covers, please contact you broker. We cannot interpret others’ policies. If you would like to review your current situation with us, we would be happy to meet with you and offer you suggestions and hopefully a policy that you’ll be comfortable with.

As a broker, we can offer you choices of products and insurers. Since 1994 we have been helping people make choices and find solutions for their insurance needs.

We are available in person and online at www.fraserheightsinsurance.com