Have you ever wondered what riders and deductibles really mean?  In this episode, Eric Scovill dives into the importance of having the right insurance policies in place to protect your future. He breaks down the basics of key property, health, and life insurance policies in an easy-to-understand way. From homeowners coverage to long-term disability, Eric explains what you need to know about assessing risks, reviewing policy details, and choosing the right amount of protection. Tune in to finally understand insurance and feel confident that you and your loved ones are protected for whatever may come! Here are some topics from today’s discussion: Understanding your homeowners and auto policies Choosing the right amount of coverage Reviewing your coverage with your agent Disability insurance as income replacement Life insurance for beneficiaries  Long-term care coverage options Episode Highlights: [08:15] Why Choosing a 'Premium' Insurer is Worth It Eric cautions that while it's important to ensure premium increases are reasonable, consumers should avoid simply choosing the cheapest policy. He warns that low-cost coverage may lack important protections, leaving one vulnerable if a claim occurs. It's best to go with a reputable insurer known for treating customers well during the claims process. After all, insurance is meant to provide relief in times of need. Getting the lowest price isn't wise if it means the policy won't adequately cover expenses when they're most needed. [11:33] How to Ensure Your Insurance Fits Your Needs Eric cautions that agents competing primarily on price may inadvertently reduce important policy protections. He advises policyholders to proactively discuss their coverage needs with agents to identify any gaps. Rather than simply increasing premiums, the goal should be understanding what level of protection is appropriate for an individual's unique circumstances and risks. Open communication with one's agent helps safeguard against both underinsurance and overpaying for unnecessary coverage. [12:15] Things to Consider When Securing the Right Insurance Some key things to consider when getting an insurance policy include: Your specific risks and exposures - think about what you need protection from based on your situation. Policy limits and coverage amounts - ensure these are sufficient for your needs and account for inflation over time. Deductibles - higher deductibles can lower premiums but increase your costs in a claim. Reputable insurer - choose a company with a strong record of customer service and claims handling. Optional riders/endorsements - additional coverage provisions can boost protection for a modest cost. Agent relationship - work with an agent you trust to advise on your options and help you understand complex policies/terms. Regular reviews - insurance needs can change, so check in periodically that your policies still align with your circumstances. Cost vs. protection - don't underinsure to save money in premiums if it leaves you vulnerable financially. [20:27] Other Types of Insurance: Property and casualty insurance: Covers damage to homes, vehicles, and other property. Includes homeowners and auto policies. Umbrella insurance: Provides additional liability protection above the limits of other policies like auto or homeowners. Disability insurance: Provides income replacement if an illness or injury prevents one from working. Includes both short-term and long-term disability. Life insurance: Provides a death benefit to beneficiaries upon policyholder's passing. Can be used for estate planning purposes. Long-term care insurance: Helps cover expenses for assisted living or nursing home care if one becomes unable to perform daily activities.