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The Pyramid
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  • 1. The Pyramid
    The Hierarchy of Insurance
  • 2. Property and Casualty
    In essence, insurance is designed to pay for losses that the insured could not recover from without additional support.
    Insurance should not be used as a way to pay for regular maintenance.
    Like it or not, if you “make the most” of your insurance policy and file claims for repairs that could be paid out of pocket, your rates will increase.
  • 3. The most basic insurance
    State minimum limits on auto liability coverage of only $12,500/person, $25,000/accident and $7,500/property (Ohio).
    Minimal property limits that at times are not in line with insurance company requirements.
    Required by others (bank, state, landlord)
  • 4. One step up
    This involves full coverage on your auto policy to cover physical damage.
    This level also may include consideration for basic personal belongings.
    Protection of your basic property
  • 5. Becoming a responsible citizen
    Includes liability limits that consider both the protection of the insured’s net worth and the potential impact upon others as a result of an accident.
    Insurance to protect
    others- liability limits
  • 6. Maximizing Coverage
    Endorsement such as; water backup, scheduled jewelry, home business, accident forgiveness & rental reimbursement enhance the home and auto policies. These enhancements limit your out of pocket expenses as a result of an uncovered claim.
    Specific endorsements
  • 7. The top of the Pyramid
    Related to Property and Casualty Insurance, there is no point where you have more protection than you need. At some point, the coverage is reasonable and responsible to provide the insured with Peace of Mind. These often include products like an Umbrella.
  • 8. Where would you like to be?
  • 9. Risk Management
    Avoid the loss
    Reduce the chance of loss - prevention
    Insure for the risk
    Accept the risk – self insure
  • 10. For more tips