There is nothing more financially dangerous than procrastinating in the purchase of insurance. Without insurance policies there to replace the dollar value of your assets, you could lose a giant portion of your net worth in one terrible afternoon. If you've been procrastinating about buying insurance, here is an easy checklist to get you started.
- Determine the lines of coverage you need. Not only do you need the right insurance to protect all of your assets, but you must also consider the various perils that you need protection from. For example, you may know that you need home insurance to protect your house and contents but did you realize you also need a separate flood insurance policy to protect against damages caused by floods? Also consider your family’s need to replace income with long- and short-term disability insurance as well as life insurance, the need to control medical and health care expenses with long-term care and health insurance and so on.
- Consider how much coverage you need. Once you’ve determined the types of insurance policies you need you must then decide how much coverage to get. Consider the value of the assets that the insurance policies are meant to protect as well as the income certain policies are meant to replace and expenses others must cover.
- Consider the burden you can carry. In order to keep insurance premiums affordable, you can agree to a deductible in each of your policies. This deductible will determine the amount you are responsible for paying initially after an insurable incident. It's important to consider the affordability of multiple deductibles in the event that an insurable incident damages several of your assets at once.
- Give us a call at ECI Agency. Not only can our experienced agents help you with your policy design, ensuring that you have no gaps in coverage, but we can also help you shop around for the most affordable Oklahoma City Insurance policies from the highest rated insurers. After completing just a few simple forms we can take charge of building your insurance portfolio so you don't have to—and that’s a procrastinator’s dream come true.