Anchor: Insurance isn’t something that we wake up every morning and say, “Wow, I get to check into my insurance today and see how doing,” right? It’s not a part of the financial plan that we pay a lot of attention to until, unfortunately, something happens.
Anchor: Okay, so the next enrolment period for the Obama Care Exchanges begins on November 15, that’s going to be for coverage beginning on January 1, 2015. The good news is there’s plenty of time at least to consider your options, decide which one works best for you.
Anchor: Yeah, sort through it. That Kurt Pearson, he knows the stuff.
Anchor: He just knows this stuff.
Anchor: Yes, he does.
Male: He’s amazing.
Anchor: It’d be amazing if we can talk to him.
Anchor: He’s amazing. In fact, he’s here live right now, he’s not just on video. We’re going to stay on the insurance theme and Kurt is here in studio this morning to talk about another insurance issue facing many Iowans right now; severe storms have done severe damage to several counties. And Kurt, how do we know if we have good homeowners, and car insurance? What are some of the basics to look for in the policies?
Kurt: Yeah, unfortunately, we only really know if we have good insurance when it comes time that we need to file a claim or to use it. And so there’s a lot of research that you can do ahead of time to see what other consumers have experienced with the company that you’re with in terms of claims, and to do some research about the company, and make sure their claims paying ability continues to be very strong, and there’s good information about that.
Anchor: I would imagine the internet’s a very handy too with that.
Kurt: It really is to do that research. And of course word-of-mouth is very important. I think the agent is very important; make sure that they have a good wealth of experience in how they do their due diligence in choosing the right company. I always lean into a perhaps an independent agency who can resource several different companies and come up with the best option.
One of the things that you learn about pricing insurance as you do some shopping is that property casualty companies many times will have a profile or a certain type client that they’re really looking for and they price their products more competitively for that type of demographic or that type profile. And so that type of shopping is very important for us consumers to make sure that we are with a company that really wants us and gives us the best, most competitive price.
Anchor: Yeah, and competition is a very important thing. How often should we review our policies just to see what our coverage is?
Kurt: Well, I think every year at least, and one important price target to really look at is the replacement cost, perhaps, on your home or on any properties that you own. Because many times we settle in on that price when we initially took out the policy but inflation of course continues to escalate building cost and so the replacement cost of a natural property may be quite a bit higher than what you actually have in your policy.
Anchor: Alright, financial planner, Kurt Pearson of Compass Financial. Thank you very much, Kurt. You can get in touch with Kurt if you’d like to at Compass Financial, the number there 515- 327-1020, you can also catch him online. Thank you, Kurt.