Be a Savvy Insurance Consumer and Protect Your Assets | Guiding You Forward
The key to getting the right insurance coverage lies in education. Jared Whittaker stops by the podcast studio to demystify the insurance landscape, explaining why costs are climbing, how to understand your coverage limits and why minimum-coverage strategies may no longer offer adequate protection. Whether you're reviewing your current policies or shopping for new coverage, this expert insight will help you make informed decisions that truly protect your assets and family.
People often experience elevated levels of anxiety when making insurance decisions.. Between deductibles, premiums and add-on coverage options, even savvy consumers can feel out of their depth. In this episode of the Guiding You Forward podcast, Jared Whittaker, senior vice president of Mountain America Insurance Services, joins us to break down the essentials of insurance, from rising costs to smart coverage strategies, so you can make informed decisions and protect your assets with more confidence.
In this episode, you’ll learn:
• What liability insurance coverage limits are and why it’s important to understand them.
• Why premiums are rising so fast.
• How an umbrella policy could help in cases of insurance fraud.
Many consumers focus on securing coverage at the lowest premium possible. But without understanding what you're actually purchasing, you could face unpleasant surprises when it’s time to file a claim. Take auto insurance, for example. Jared explains the three types of liability coverage limits—personal injury coverage per individual, personal injury coverage per accident and property damage coverage per accident. Choosing lower limits or skipping certain coverages may reduce your monthly premium, but it could leave you financially exposed when you need protection most. “There are three different numbers there,” he says, “and if you don’t know what they mean you won’t know if it’s enough.”
Premiums are on the rise, and it’s not just about insurance companies charging more. The cost of repairs, materials and labor has increased across the board. That means when something breaks, it costs more to fix, and insurers adjust their rates accordingly. In addition, property values have risen dramatically in recent years, also affecting insurance costs. “What’s really driving the property costs is the number of billion-dollar events,” Jared elaborates. “There has been a significant increase [in these events] over the last ten years.” Watch the full video to find out more about billion-dollar events.
Insurance fraud is on the rise. Scammers are getting creative, working in teams to stage accidents and claiming property or bodily damage. If you get caught in one of these scenarios, you can be sure the scammers will be quick to hire an attorney to go after everything you have. An umbrella policy could help protect you in these cases. “It’s something we’ve seen isolated in other parts of the country, but it’s now in Utah,” Jared notes.
Jared shares additional insights to help ensure you have the right coverage for yourself and your family. Watch the full episode above to learn more about how Mountain America could help you!
