How Much Insurance Do I Need?

One of the most common things we hear from our customers when they ask for a quote is "I want to compare apples to apples with my current insurance".  While that seems like a harmless request, it can leave you exposed to a lot of risk, and it's a question we try to address honestly.

 
When you ask for an apples to apples comparison to your current insurance, you make the assumption that your current insurance coverage is adequate.  But is it?  The only way to know for sure is to know how your current insurance agent arrived at that number.  A good insurance agent will ask you details about your assets, things like retirement accounts, equity in your home, and your income.  Most insurance agents, however, quite literally just pick a coverage.  They might give you state minimum coverage or they might just put everyone at the same coverage.  This is a risky proposition.
 
Every customer is unique and has different needs.  Rarely should anyone ever be driving with state minimum coverage, so we suggest you avoid that all together.  From there, the amount of coverage you need depends on your risk.  How much do you stand to lose if you accidentally injure, harm, or kill someone and they sue you?  $100,000?  $300,000?  $1 million?  Without being asked a question like this, there is no way to be sure you have enough coverage.
 
From there, your insurance agent should do a thorough interview of your risk exposure.  Do you have a pool?  A trampoline?  Teenagers on social media?  If you were down one vehicle due to an accident, could you continue your day-to-day activities?  Do you own a business?  The answer to all of these questions affect the coverage you should have on both your auto and your home policy.
 
If your agent isn't asking you these questions, you shouldn't be confident that the coverage is correct, and you shouldn't compare other insurance options with "apples to apples" coverage.  Instead, look for an insurance agent who digs deep and wants to understand your needs.  From there, a good insurance agent will build the coverage that's right for you.  Sometimes this coverage costs more, sometimes it costs less, but having the correct coverage when you need it is priceless.
 
At Levin Insurance Agency, we will always talk to you about your needs and help you analyze the right coverage levels for you and your family.  You can rest assured that we've done our due diligence to give you the best coverage at the best price.  Call us at (248) 531-8300 for a complimentary insurance review.