Common Mistakes Clients Make - And How to Avoid Them.
Common Mistakes Clients Make – And How to Avoid Them
At Wayne Lilly Insurance, we pride ourselves on helping clients make informed decisions about their insurance needs. However, even with the best intentions, it’s easy to make mistakes when navigating the complex world of insurance. These missteps can lead to higher costs, insufficient coverage, or headaches during claims.
Here are some of the most common mistakes clients make when it comes to their insurance—and how to avoid them.
1. Choosing Price Over Coverage
The Mistake: Many clients focus solely on finding the cheapest policy, assuming all insurance is the same. Unfortunately, a lower premium often comes with reduced coverage, leaving you vulnerable when you need protection the most.
How to Avoid It:
Work with an independent agent to understand the coverage each policy offers, not just the cost. While price is important, balancing affordability with adequate protection ensures you’re not caught off guard in a time of need.
2. Failing to Update Policies After Life Changes
The Mistake: Major life events—like getting married, buying a home, or starting a business—can drastically impact your insurance needs. Clients often forget to update their policies, leaving gaps in coverage.
How to Avoid It:
Review your policies annually or after any significant life change. Our team at Wayne Lilly Insurance can help ensure your coverage evolves with your circumstances.
3. Underinsuring Valuable Assets
The Mistake: Some clients assume their basic policy covers everything. For instance, they may not realize their homeowners policy doesn’t include flood damage or that their auto policy has limited liability coverage.
How to Avoid It:
Take a detailed inventory of your assets and understand the limits of your existing policies. If you have valuable items like jewelry, antiques, or electronics, consider additional endorsements to cover these items.
4. Skipping Bundling Opportunities
The Mistake: Clients often purchase insurance policies (home, auto, life, etc.) from different providers, missing out on potential discounts.
How to Avoid It:
Bundling multiple policies with the same carrier can result in significant savings. As independent agents, we can identify which carriers offer the best bundling options for your needs.
5. Not Asking Enough Questions
The Mistake: Many clients hesitate to ask questions, either because they feel overwhelmed or assume the agent knows what’s best. This can lead to misunderstandings about what’s covered or how claims are handled.
How to Avoid It:
Never hesitate to ask questions, no matter how basic they may seem. At Wayne Lilly Insurance, we’re here to answer all your concerns and ensure you feel confident about your coverage.
6. Letting Policies Lapse
The Mistake: Forgetting to renew a policy or missing a payment can lead to a lapse in coverage, leaving you uninsured during critical moments.
How to Avoid It:
Set reminders for renewal dates and consider setting up automatic payments. If financial challenges arise, contact us immediately—we can explore options to keep you protected.
7. Ignoring Deductible Choices
The Mistake: Clients often choose the lowest deductible without considering how it affects their premiums, or they choose a high deductible without having savings to cover it in case of a claim.
How to Avoid It:
Find the right balance between a deductible you can afford and a premium that fits your budget. We can guide you through this process to make an informed decision.
8. Not Reviewing Policies Regularly
The Mistake: Insurance needs change over time, but many clients stick with the same policy for years without reviewing it. This can lead to overpaying or under-insuring.
How to Avoid It:
Schedule a policy review at least once a year. At Wayne Lilly Insurance, we’ll help you assess your current coverage and ensure it aligns with your needs and budget.
How Wayne Lilly Insurance Helps You Avoid These Mistakes
As independent agents, our job is to make your insurance experience seamless and stress-free. We partner with multiple carriers to find the best policies for your unique needs, taking the guesswork out of the process.
From helping you understand your options to conducting annual reviews, we’re committed to guiding you every step of the way. Avoiding these common mistakes is easier when you have a trusted advisor in your corner.
Let’s Protect What Matters Most
Insurance doesn’t have to be complicated. At Wayne Lilly Insurance, we’re here to simplify the process and help you avoid costly mistakes. Contact us today for a free policy review or to discuss how we can better protect your family, assets, and future.
Don’t let common mistakes stand in the way of peace of mind—reach out to us today!
