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3 Areas of Risk that Should Always Inform What Type of Insurance You Invest In

26 Jun

3 Areas of Risk that Should Always Inform What Type of Insurance You Invest In

Insurance is becoming more and more essential to our daily lives.  So much so that laws are gradually making specific types of insurance coverage mandatory.  The problem with this development is that most people sign up for insurance with outdated expectations.  They prioritize cutting costs, while bending over backwards to juggle multiple policies, from multiple companies.  This is an inefficient approach to getting insured.  If you want to get the most bang for your buck, it’s best to pause and take some time for reflection.  Assess your insurance needs so that you can cater to them with surgical precision.

 

Come Up with a Plan:

Insurance Expert Mila Araujo advises that “Most people may think that insurance is just a basic necessity that comes down to price. Unfortunately, shopping on price alone could end up hurting you if your coverage isn’t enough, or if the service standards are not what you need from your insurance company. The best thing you can do is to know your options.” Before committing yourself to an insurance company, or a specific policy, it’s important to determine whether you’re exposed to any blind spots in terms of risk.  Here are three main categories of risk you should always aim to shelter from when buying insurance:

 

RISK #01 – Property Damage:

Property damage is the most obvious reason why anyone decides to buy insurance.  This is because nobody wants to get left on the hook paying for destroyed property after an accident.  As a bare minimum, any insurance you buy should compensate substantially for property damage.

 

RISK #02 – Legal Liability:

One of the most surprising unintended consequences of accidents and calamities is lawsuits.  Not only are lawsuits time-consuming, they’re inconvenient.  If you can afford to purchase insurance which protects against legal liability, then do so by all means.

 

RISK #03 – Medical Expenses:

The bureaucracy of dealing with healthcare costs is another setback which happens when people get injured.  If any asset you’re trying to insure has a chance of attracting injuries in the event of an accident, be receptive to investing in policies which compensate for medical expenses.

 

Conclusion:

Doing a thorough risk assessment will provide you with the roadmap you need to get good insurance.  Instead of just focusing on one area of risk because it’s obvious, think about other plausible or likely accidents that could cause problems if ignored.  Always choose to transact with companies which have the reputation and resources to protect you from multiple areas of risk. For more information, visit our website or give us a call at 1-800-639-7654 to find out how Adriana’s Insurance Services can help you stay safe. We got you covered!