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Mind of a Millionaire: Understand Your Insurance; Interview with Katy Roth

| December 03, 2018
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Welcome to another episode of Mind of a Millionaire. This week we are so lucky to have insurance agent/extraordinaire, Katy Roth, to offer insight and tips on getting the most from your insurance policy. Many people don’t understand what is actually covered in their policy and what is not. Katy discusses some steps toward deciphering your insurance policy and how to be sure you are getting the coverage you need.

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“How does property and casualty insurance differ for someone who has collectable items and a nicer house/car than the average person?” [0:57]

-          Median house cost in Denver, CO.

 What’s the difference between getting a house that costs $350,000 and a house that costs $1.5 million, for example? [2:20]

“[There] are limitations on certain coverages, which is a detriment to a lot of individuals.” [4:38]

-          Work with an agent who specializes in the exact type of risk you have [5:39]

How do you protect certain assets (e.g. guns, jewelry, etc.)? [6:42]

-          Blanket vs. Itemized Coverage [7:15]

-          Can you protect a wine collection? [9:22]

-          Can you protect pools? [10:20]

 “Should people be thinking more about the coverage of their home?” [11:12]

-          Chubb: Wildfire Defense Service [13:16]

How do think about insuring vehicles? [14:54]

-          Umbrella Policy

Independent vs. Captive Agency [19:28]

When it comes to insurance, should you only focus on paying as little as possible? [20:48]

Are there any other common policies (e.g. cyber coverage)? [24:47]

What is the first step to moving to an independent agency? [26:51]

Should you get a new quote every year? [28:23]

-          What’s important to you? What lets you sleep at night?

“It’s not IF it happens; it’s WHEN it happens.” [33:36]

 

Thank you so much for joining us, Katy! Whether or not you are ready to move to an independent insurance agent, this episode was packed with great information on the entire process.

We hope you all enjoyed and please, don’t hesitate to send us your questions. Subscribe to Mind of a Millionaire if you haven’t already and check us out on Twitter and Facebook.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

No strategy assures success or protects against loss.

You are under no obligation to use the services of Katy Roth and The Denver Agency, and may choose any qualified professional to provide insurance services. Katy Roth and The Denver Agency and their services are not affiliated with LPL Financial and Denver Wealth Management.

All examples are hypothetical and not representative of any specific insurance company or product. Mention of any specific insurance company or products are for example and informational purposes only and not an endorsement of such company.

The information in the links above are being provided strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of the information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to your use of third-party technologies web sites, information and programs made available through this web site. When you access one of these websites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

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