Boring Chore Saves Real $$$Fiscal Fitness Clubs of America
Could we get this as a Tweeter headline? Maybe if we added that Donald Trump says, “Boring Chore Saves Real Money!”, then we’d get lots of readers.
We frequently ask people if they would take a junk job for a few hours a week at convenient times, would they do it so they could retire earlier. Most say, “YES”! Well, here is a boring job that will save you substantial money AND time in the future. It’s called (drum roll please…) Managing Auto and Homeowners Coverage. Research shows that some companies raise the rate just to the point where you’ll feel the pain every year. As a result, the price of insurance sneaks up and your money flies out the window because they know it’s a painful, boring and you don’t want to do it. What makes it hard is gathering all the information, knowing what you want to ask for, and sending it off. Yup, it’s boring and annoying and confusing! BUT, if you use our form to capture all the info you need once, then it will take just a few minutes each year to update, AND in less than an hour, you can get the right coverage at the right price.
This month is all about getting the right coverage at the right amount.
• Use the discussion checklist to raise your awareness of property and liability coverage issues. This will help you recognize some of the areas that you may need to address.
• Our class, “Pre-spotting your Law Suits, So You Don’t Get Taken to the Cleaners”, covers a brief overview of the various policies and focuses on problems that can arise and how to avoid them. We also look at what influences premiums and what you can do to get the best coverage for your insurance spending dollars.
• The resource list on our online classroom has websites, apps, a couple of suggestions for companies to check out, and a form that lets you gather all the information in one place. Then you’ll be able to send off requests for quotes or fill out online applications to make this process easier.
• The P&C (Property & Casualty) request form is a fillable PDF that lets you put everything you need in one place, so in future years you can update just a few items and get quotes easily. Of course, replacing a home, cars or adding drivers will take a little extra time. Let’s face it, the year your home was built or the square footage doesn’t change!
For extra credit, we’ve got a website that will let you grab the info you need for replacement values and an app that lets you create a home inventory by using pictures taken on your phone that will get you in great shape for getting the amount of protection!
Now, the real money saver is not the premium. That was just the come-on. The fact is that most people don’t have the right coverage and face major risks. They use their insurance dollars inefficiently. We tend to focus on what our loss of property would cost and the premium of the coverage, but that’s not the biggest risk. The odds are stacked.
Most likely, during your lifetime, someone in your family:
• WILL be in an auto accident
• WILL have significant property damage or theft
• WILL experience identity theft
• WILL have a homeowner’s claim
• COULD seriously injure or kill a human being and be sued
Not having the right coverage can cost you all of your dreams of educating children, living in security or having a comfortable retirement. Here are some common mistakes:
• If your home isn’t insured at the right percentage of rebuilding costs, the replacement coverage won’t kick in.
• I know a woman who lost almost everything because her husband didn’t insure the $2,000 fishing boat, so there was no liability coverage. She went from living well to barely above poverty.
• Another homeowner whose house was wiped out with a mudslide, but retained a mortgage of $1,000,000, because they didn’t add the $200 earth movement coverage ended up living in a $800 rental trying to avoid bankruptcy.
• Not notifying your insurance company about the trampoline, tree house, dog, horse, pool or any other attractive nuisance can void your coverage.
The list goes on about common mistakes that are easy to avoid that can cost you everything. Come learn about them in the monthly class scheduled for our individual and club members on Saturday, September 10, 2016 @ 10 a.m. MT / 12 p.m. ET. If you’re not a member, but would like to see what we’re all about, you can get a one-time pass for this class by sending your request to firstname.lastname@example.org.
So, this is the junk job that pays no more than minimum wage, but sets your family up for protecting their financial security. Junk jobs don’t get any better than that! Take the time to work through your coverage. It’ll pay off!
What’s next? If you’re a club member, go to your online classroom and access our P&C insurance resources. If you’re not a club member, but are interested in learning more about our services, follow this link to schedule your complimentary call today and find out if we are a good fit!