Regular readers of this column may know that I came involuntarily to the tax business. I inherited it from my mother in 2010. Less well known is that the tax business was Mom’s side hustle. Mom’s main business was as an independent insurance agent.
The insurance side of the business closed in 2017, but during the time I was administering that side of the business (I was never a licensed agent), I learned a lot about insurance. One of the most important lessons I learned was that the longer you hold a policy, the more the rates increase and that it pays to make the effort to review (and shop) your various insurance policies regularly.
Another important lesson was that all coverage is not equal and, just as when looking for a tax professional, price should be a consideration but not the consideration.
The third important lesson was to know your coverage before you need the insurance. Many times we had to remind a customer they had refused uninsured motorist coverage to save a few dollars after an uninsured motorist totaled the client’s vehicle or to explain the limits of flood coverage after a building flooded.
Regularly reviewing your insurance policies for coverage and value provides peace of mind and is just good business. Click here to learn the ins and outs of getting a great deal.