Personal Insurance: What is it and do I need it?
Quick answer is yes! Personal Insurance is just a term to describe your bundle(Auto and Home) policies that you all probably have already. Personal Insurance includes your homeowners packages, auto polices, motorcycles, boats, now pet insurance, personal umbrellas, and life insurance products. The more legal and dry explanation by merriam-webster dictionary is:
1 : Insurance of human life values against the risks of death, injury, illness or against expenses incidental to the latter.
2 : Insurance purchased for personal or family protection purposes as contrasted with insurance of business property or interests.
Personal insurance can be purchased from a variety of places in today’s marketplace. But like most things, you get what you pay for…usually. The reason many people call it personal insurance is because it distinguishes between a person’s business insurance and their “personal life” insurance. So there., now you know.
Bundle It
It has been so cliché for the “Big Four” insurance companies to advertise bundling insurance like its a new phrase or idea. But that’s advertising finding a new term to play the script to their next adventure series commercials starring the next football star.
And yes I like many of the commercials also, especially when the player that stars in them is winning games for my local home town team. But I always just snicker at the “bundle” term like what their offering is some kind of gold. The truth is yes, you get a discount to bundle services and most times it makes sense to do it.
However, there are unique situations that an independent insurance agency can shop your policies to multiple companies that specialize in the risk that your presenting. And with the “big four” companies it is true they would just rather sell you their proprietary products that come along with their brand. Well, because they have to, they are not free to shop other carriers for you.
They are captive insurance agents working for the “Big Four” to not name any of them. For they are not bad companies, it is their business model that is lacking. But they are great advertisers, and that is what brought my independent agency out from behind the phone and onto the computer and even perhaps the TV screen now. I want to share with the you what is behind the veil of the insurance industry and how to win with your personal and business insurance policies utilizing an independent insurance agency.
