We all have so many important things in our lives we need to protect -- homes, cars, jewelry, even our lives and health. How do we figure out how to prioritize them and how much coverage we should have? We spoke with two local insurance experts, Stephanie Johnson of Comparion Insurance and Coe Bancroft of State Farm Insurance here in Glastonbury, to get some answers.
1.What are the most important things in life that you should protect with insurance?
Stephanie: When it comes to personal insurance you want to make sure that you’re insuring your major assets. Auto and Home/Condo insurance being the most common and then personal liability policies like an Umbrella helps provide extra liability coverage above your underlying auto and home coverage. When working with a local agent we recommend insurance that sometimes client have not thought about like jewelry, pet and renters insurance. Also making sure all your toys are property insured like motorcycle, RV, golf carts, ATV, motor home, trailers, etc.
Coe: In general, the most important things to insure are your items of value that would be a financial hardship to replace without the help of an insurance payment, the liability protection to keep your assets and income safe from people making a claim against you for things like negligence, and protection for the potential costs of having you or a family member die or become disabled (including loss of future income potential).
2. What are the most common things people forget to protect with insurance or don't realize they need to insure?
Stephanie: The most important thing to protect is yourself with life insurance. Many clients think that life insurance through work is plenty, but the reality is we don’t own our employer’s benefits so it can change at any time. Life insurance provides financially security to your family in the event you are no longer here. There is a misconception that it is very expensive, however policies are offered at all different price points to meet the client with what they can afford.
Coe: An often overlooked protection I see is for expensive items like jewelry, laptops, and musical instruments, but the most commonly missed coverage is related to life insurance. It has many uses that are not widely known or misunderstood. One example is for couples who might not realize how their social security or pension income is reduced when the retired wage earner passes. This gap can be filled with life insurance and therefore be important to a surviving spouse beyond simply paying for the funeral and probate expenses. Whatever their situation is, I am here to uncover needs and recommend options.
3. What role does a local agent play in helping people decide what types of coverage they need and how much coverage?
Stephanie: Right now, the insurance industry is experiencing a lot of changes and more expensive losses that are causing it to be harder for consumers to get the right coverage at an affordable price. This is due to the rising prices of uses cars, rental cars, sensors on vehicles, shingles for homes, lumber, etc. The price to insure your home and auto is becoming more expensive every year. A local agent with many carriers gives consumers options and someone who can shop it around for them. It also allows us to place the right client with the right insurance company, so clients do not overpay for their insurance. In addition, local agents can help educate clients on what kind of coverage they should have based of their personal risks, for example a client with a pool has a different risk then someone without. This allows for the client to have property coverage in the unfortunate event there is a claim.
Coe: I live and work in Glastonbury and am committed to our community. As a fourth generation insurance professional, I care very deeply for doing what is right and best for the people who entrust me with their insurance needs. I work to help my customers look at their situation to help them recognize and address their potential future needs and raise awareness of ways they can improve their lives with appropriate and affordable insurance options.
Stephanie Johnson
Comparion Insurance Agency
95 Glastonbury Blvd.
860-494-7620
Online: Comparioninsurance.com
Coe Bancroft
State Farm Insurance
103 New London Turnpike
860-633-3736
Online: coebancroft.com
