What is insurance?

 

• While there are plenty of technical answers to this question, we like to explain insurance as being  a way to buy protection from risk

 

• Risk can be anything from the odds of a fire burning down your house or apartment, to the likelihood of a bond defaulting. With insurance you can pay a comparatively small amount up front (a premium) to avoid paying out for a total loss in the future. For example you may pay only a few dozen or hundred dollars to insure your engagement ring each year, but if it were ever stolen you would get a payout from the insurance provider for thousands of dollars to make up for your loss and/or replace the ring 

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Why should I buy insurance?​

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• While you may be here looking for coverage due to a legal or contract requirement mandating that you purchase insurance, there are plenty of reasons why we would advise you to buy it anyway

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• For example, nearly every US State legally mandates that automobile owners purchase specific amounts of minimum auto liability insurance for their registered vehicles. Liability insurance pays money toward things like damage you cause to other people's property, belongings, and bodies. If you happen to cause a car accident and you damage another vehicle or even multiple vehicles, or injure another driver or passenger and you don't have liability insurance in place, you would potentially be obligated to pay tens or even hundreds of thousands of dollars out of your own pocket for these damages

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• If you think of it that way, you shouldn't need a state to mandate that you protect yourself from a giant financial loss. Additionally, even if you purchase the state mandated minimum coverage limits these limits may not be adequate for specifically. States are not adept at assessing individuals' needs for insurance coverage, and because of this the state mandated minimums you typically see are woefully inadequate in many case

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• We specialize in doing risk assessments for individuals, families, and businesses, so we'll be able to look beyond only your legal and contractual needs to construct an insurance solution that provides adequate coverage for you, not just the average person​

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I'm safe, and I'm not going to have a loss, so why would I spend money on insurance?

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• We trust that you are safe, and we only want safe, responsible people and families as our clients. With that said, you can be extremely safe, and a responsible owner of your business, home, condo, belongings, or cars, but unfortunately this can't make you immune to a loss

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• For example, if you live in a condo and have upstairs neighbors who have a pipe burst or a leaky AC unit that damages your unit and belongings, there's a good chance that it will be YOUR insurance provider that pays for the repairs and replacement of your damaged belongings. While this may depend on your condo association or co-op's by-laws, more often than not people have to make a claim on their own insurance policy to be made whole and get their unit repaired in these types of scenarios

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•  As you can see by this example, events well outside of your control can lead to damage to your belongings, and because of this you should buy insurance to avoid an out of pocket payout in both controllable and uncontrollable scenarios

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What things can I buy insurance for?​

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• While people and businesses mainly buy coverage for physical things they own as well as coverage for liability, there is no real end to what is insurable. From a quarterback's arm, to a taste tester's tongue, if you can think of it, it is probably insurable, and more often than not has been insured before somewhere in the world. With that said, we specialize in working with carriers who offer standard types of insurance, with plenty of policy options available for small businesses, homes, condo/co-ops, rental units, automobiles, and more. Having said that, if you have an interesting or out of the ordinary item you would like to insured, we will be more than happy to try to find you a solution within our network