Importance of Value

What is value and why is it important?

Why is it a mistake to look for the least expensive homeowner’s coverage?

Do you remember the old saying “You get what you pay for” or “Nothing good comes cheap?” Those are little tidbits of wisdom to live by. The most important thing is value, getting the most for your hard-earned dollars. Whether you’re shopping for a new TV or buying groceries, you look for the items that you really want for the best price you can get. That same philosophy holds true for insurance.

There are numerous ads for companies offering the lowest rates around. However, it always seems that some coverages are reduced or left out. Insurance companies should offer a homeowner’s policy that covers all your needs, not just some of them. However, while total coverage isn’t always the cheapest, it should be reasonable. It’s easy to get a really cheap price for a policy when you cut coverage and raise deductibles.

The other concern when a company has the lowest price is where that company will be when something serious happens. Catastrophes happen every year. Whether it’s a hurricane, a wildfire, a tornado, or an ice storm, when thousands of people suffer losses, you want to know that your insurance company is going to be there after a claim. Companies that charge the lowest rates are not getting enough money to pay all their policyholders and end up going out of business.

That’s why value is so much more important than price. A company that charges the right premium for the coverage it offers is a company you can depend on when times get tough.