Insurance is not necessarily a “one size fits all” investment; the best policies for one may not serve the best interest of the next person. Cary Runnels, Thousand Oaks insurance has some strategies to help people determine what kinds of coverage are the best investment for every stage of life.
The kind of insurance and the amount of coverage depends on the insured’s circumstances. Life changes and that means that insurance needs are also going to change. A college graduate just starting out as an independent single adult has different needs than a family.
“The best way to determine the best coverage for your current circumstances is to sit down with your insurance agent to get a complete understanding of what you need now and your goals for the future,” said Runnells.
Insurance falls into some general categories:
- Auto insurance that meets the minimum requirements by the State of California all the way to a brand new RV, and your teen driver
- Life insurance from basic coverage to policies that help pay for college and take care of your family if you are no longer able to do so
- Homeowner or renter insurance that protects the home you own and your possessions, and your possessions when renting
- Medical insurance to help cover medical expenses
- Business insurance with policies that protect the business and business assets, crops and farm machinery for farm and ranch operations, Workers Compensation and a range of other business matters
- Other insurance such as personal property, personal mobility insurance that covers you as a pedestrian, a passenger or driver of a vehicle you don’t own, even riding a bike.
Versatility is key to getting the right coverage. For example, farmers and ranchers want to carry a single policy that covers their crops and livestock as well as their homes, farm equipment and farm buildings. A partner in business would benefit from a single source that provides life insurance to protect his or her family as well as life insurance to protect business partners.
Auto insurance is a good example of how life circumstances can affect coverage. The State of California requires that vehicles be insured for bodily injury and property damage liability for specific minimum amounts. This minimum coverage meets the letter of the law, but how much protection does it really provide? In a scenario where someone is starting a business while renting an apartment and driving an older vehicle, the minimum auto insurance coverage may not be enough. In this case, you may want enough bodily injury and property damage coverage to protect your new business. The more assets and earnings one has, the higher their risk of being sued if insurance doesn’t cover the claims of an accident.
A number of factors help determine the best insurance, and the factors that will be reviewed during a meeting with your insurance agent include:
- Current income and expected income growth for the next couple of years
- Current assets, such as a home or other assets that contribute to personal wealth
- Are you renting? Renters insurance, along with protecting personal property also provides liability coverage if someone falls down the front steps or your dog bites them
- Your business interests and how you can insure against risk and business interruption
- Your marital status and what kind of life insurance is the most beneficial
- Your children or if you are planning a family
- The best insurance for vehicles, including personal and business vehicles
- Good medical coverage
- And more
Planning for the future includes having the appropriate insurance coverage. This means, that you get the best coverage for your current circumstances, but also develop benchmarks that tell you when it’s time to upgrade the types and amounts of coverage.
When you finally get that big promotion or your business takes off and you buy a home, a visit to the Cary Runnells Insurance Agency in Thousand Oaks will help your insurance coverage grow with you. The agency provides life insurance, auto insurance, home, ranch and farm insurance, plus business insurance and health insurance. The experienced and licensed staff can help with long term financial planning.
The agency serves Thousand Oaks and surround communities including Simi Valley, Westlake Village, Oak Park, Newbury Park, Agoura Hills, Moorpark, Camarillo and more.
Cary Runnells State Farm Insurance Agent
100 E T O Blvd Suite 144
Thousand Oaks, CA 91360-8126