Last week I sat down with Andrew Addis of R:SK Advisory in Wayne to pick his brain about all things insurance. Andrew is not only a friend, but also the one who came to my rescue when my Instagram account was hacked this spring! (It’s true…he was the first one to notify me that I’d been hacked AND he found me someone who ultimately helped get my account back.) Andrew was raised on the Main Line and helped grow his father’s insurance and risk advisory firm until it was purchased by BB&T in 2015. The following year he launched R:SK Advisors, which provides risk management and insurance advisory services to individuals, families and mid-market companies.
The truth is, most of us don’t think about insurance policies until there’s a crisis, like a car accident, fire or flood. Yet as Andrew explained during our chat, it’s important to review our policies regularly to make sure we’re adequately insured.
You can view my entire chat with Andrew here. In the meantime, here are five takeaways from our conversation:
1. Think of crafting an insurance policy like decorating your home. Some elements are splurge-worthy (e.g. artwork or window treatments), while others are areas to save. In the end, it’s an intricate puzzle that’s based on your unique assets and lifestyle. It’s important to find the right broker to help you put the pieces of that puzzle together.
2. You’re far more likely to file an auto claim than a home insurance claim (this does NOT mean you should skimp on your home insurance policy, however; when you need it you really need it!). When choosing auto coverage limits, keep in mind that cars are MUCH more expensive to repair these days due to their sophisticated computer systems.
3. One of the most common home insurance claims in our area is water damage, especially given the increase in severe storms. Many people assume they don’t need a flood insurance rider because they don’t live near a pond, beach or stream. However, even homes located far from water sources can flood due to poor drainage or grading, and clean up and repair are costly.
4. Planning a renovation? Don’t forget to notify your insurance company. Once the renovation is complete, you’ll need more coverage for your (newly remodeled) home.
5. Make sure you’re getting what you need from your insurance broker. Does he or she return calls promptly? Does he or she proactively review your policy and suggest changes? Does he or she handle claims efficiently? If not, consider taking your business elsewhere.
Thanks again Andrew for taking the time to chat!
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