EP23 - Insurance with Kevin Cansler State Farm - a podcast by Brian Cook And Kindra Cox

On Episode 23 of The Brian and Kindra Show, they discussed insurance with Kevin Cansler State Farm. Because of Brian and Kindra’s careers in the Real Estate business, homeowner’s insurance is something they frequently discuss with buyers and sellers.   Kevin reminds us that your home is probably one of the largest assets you want to protect. Customers need to visit with their insurance agent to ensure that they are properly covered. You may be advised to cheapen your premium, however that will typically reduce coverage. It is advised to look at insurance with the mindset of Price versus Cost. The most common answer is price. However, when it becomes necessary to file a claim, one may also find themselves with higher out-of-pocket expenses due to improper coverage.  Unfortunately, it wasn’t much of a savings in premium on the front side if it’s going to cost so much more on the backend.

Some insurance companies offer a Home System Protection Plan.  It protects items that are built into your home, not appliances, but things that are wired or plumbed in (ex. air conditioners, water heaters, solar panels, etc). This endorsement is something that can be added to your home insurance policy that can alleviate some of those expensive replacement costs.The item has to fall into the guidelines of the protection; it has to be an abrupt/direct loss of the particular item, not a slow decline with lots of repairs as that is a maintenance issue. 

Many insurance agents will recommend an Umbrella Policy.  Kevin explains that there are aggravating claims and devastating claims. An aggravating claim is a hail claim on a roof, with a $1,000-$2,000 deductible. Or a windshield claim on your car with a $500 deductible. It’s aggravating to come up with the money and take the time to fix the issue. A devastating claim could be causing a lot of bodily injury with your vehicle or accidentally causing a fire that causes significant loss of your property and others too. You are financially liable for your actions. If you have to come up with $250,000 or $1,000,000 worth of claims or lawsuits, yes your home or auto insurance is going to have liability, but once that is exhausted your insurance is done. Once they are done, you are responsible for the remainder. The $1,000,000 umbrella policy gives you that protection if you need it.  

Life insurance can be a difficult policy to discuss as it requires focus on the inevitable end of life. With loss of life comes loss of income and soon your loved ones may find themselves unable to pay the mortgage or other bills. Life insurance can take care of things like loans and liabilities, replace income, and take care of final expenses with the loss of life. Life insurance can help continue the dreams you have for your family even when you aren’t around. Is it ever too early to get a life insurance policy? Life insurance rates are based on health and age. If you want something affordable, get it while you're young and healthy. If you wait until you are older or unhealthy, the rates will be high, or you could even be denied coverage. 

It is suggested that you review all your insurance policies with your agent annually. It might seem repetitive, but giving your agent the opportunity to dig a little deeper to see if there are gaps or concerns will help you in the long run, rather than finding out at the time of a claim how you are short. 

Brian and Kindra hope these tips have been helpful to you.  As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

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