Let's Talk Insurance with Lake Michigan Insurance Agency

Tom Clouse, Insurance Advisor with Lake Michigan Insurance Agency joins us to discuss tips for shopping around for insurance and saving money without cutting corners on coverage. 

Episode Transcript

Speaker 1 (00:00):
Let's talk insurance and shopping around getting the best buy
for your buck. This is West Michigan's morning News and more.
Brett Bakita, Steve Kelly. Tom Klaus is an insurance advisor
with Lake Michigan Insurance Agency, which is a division of
Lake Michigan Credit Union. You know, we talked to them

(00:20):
all the time on the live line. Tom, thanks for
doing this today.

Speaker 2 (00:24):
You bet, thanks for having me. You are welcome.

Speaker 1 (00:27):
So why is it important to shop around for insurance?
Let's start there?

Speaker 2 (00:31):
Okay, good question. Well, rates and coverage very widely between
insurance carriers. By comparing multiple quotes, you can make sure
you're getting the best balance of value and protection, not
just the first offer that you see. And working with
a trusted independent insurance agent can make this easier for
you because we can shop multiple carriers for you at once.

Speaker 3 (00:54):
Well, and let me ask you this, Tom, I know,
especially in today's economy, people are like looking to save
a buck here or there. Is picking the cheapest policy
necessarily good idea. When it comes to insurance, it's kind
of more about the coverage, right.

Speaker 2 (01:06):
Sure, Not always he has lowest price to mean less coverage,
higher deductibles or also missing important endorsements. Another thing I've
seen recently is carriers putting actual cash value endorsements on
things like roughs instead of replacement costs. Also, wind and
hail percentage deductibles, And just to give you an example

(01:29):
of that two percent wind and hail deductible on a
five hundred thousand dollars dwelling. That's a ten thousand dollars deductible.
It's not a percentage of the claim. Oh yeah, so
you know saving a few dollars now could cost thousands later.
Good agent can help you understand the trade offs so
you're not just chasing that lowest number.

Speaker 1 (01:49):
Interesting And to that point, then how can people save
money without cutting corners because you're going to want the
coverage when you need it.

Speaker 2 (01:56):
Sure, I would say the number one thing is bundling
policy These like Auto Home Umbrella sometimes Life they can
offer significant multi policy discounts on each line. And also
it's good to ask about what discounts are available. There's
good student discounts, different group discounts. Savings for having a

(02:18):
security system or automatic backup generator, you know, advisor agent
on updates to your roough, your HVAC systems, plumbing, electrical.
Another tip, don't turn in those small claims. Insurance companies
share this information and it really can impact your rates.

Speaker 3 (02:36):
Tom Klaus has joined US insurance advisor at Lake Michigan
Insurance Agency. Part of our conversations that we have every
other Wednesday with LMCU and let me ask you this,
how often should that insurance be reviewed because of prices
may be changing.

Speaker 2 (02:50):
Well annually, it's a good starting point, but also in
addition to that, anytime you have a major life change, marriage,
buying or renovating a home, or at a team driver,
so your coverage should try to keep up with your
life and a good agency can help you along the way.

Speaker 1 (03:07):
Besides price, what else should people look at when choosing
an insurance company.

Speaker 2 (03:13):
Well, with insurance, you're buying value in value with coverage,
service matters. With your insurance agency, you're looking for responsiveness.
One of the number one complaints I hear is that
people are not getting a return phone call from their
agent or agency. So that matters, and a good price
doesn't mean much if the claims aren't handled well. With insurance,

(03:34):
you're buying a promise, so you want to research the
insurance carrier and the agency.

Speaker 3 (03:39):
Any final advice that you have toim for listeners, I
mean with weather situation. I mean, I know we're not
in Florida and you worry about hurricanes. That's a whole
different animalism. But you guys are down there now. But
I'm just saying for our Michigan listeners anything else that
maybe is popping up on the radar.

Speaker 2 (03:56):
Well, insurance is just not a one size fits all solution.
You know, you need to take time to compare, ask
questions and understand what coverage you're buying and what is available,
what other endorsements can you buy. Work with an agency
you trust that matters most because they're going to make
sure that you're protected and support you when you need
them most.

Speaker 1 (04:16):
Is Tom Klaus's investment advisor with Lake Michigan Insurance Agency.
Great stuff. You're in the hot seat, man. We had
a bunch of questions from you.

Speaker 2 (04:25):
Well, thanks for having me.