June 28th is Insurance Awareness Day, and who better to bring to you all of the wonderfully exciting facts about insurance than all of us at BMI? Today, we are going to share with you the who, what, when, where, and why of the insurance world!

Who needs insurance?

Do you own or rent your home? Do you drive a car? Do you have a boat, piece of land, tractor, livestock, jewelry, or guns? If you said yes to any of those questions, you need property insurance! Property insurance applies to anyone who owns things. If you have assets that would set you back, financially, if they were to become damaged, insurance is for you.

What is insurance?

Insurance, put simply, is a transactional promise. For a fraction of the price you paid for your asset (house, car, etc.), what you receive in return is a promise to protect that asset from financial harm. It is a relationship between company and individual that you hope you never need, but are grateful to have it when you do! 

When should I get insurance?

When you are in the process of procuring a new asset, this is the ideal time to shop for insurance on it. When browsing for a new car, calling your agent for a quick quote on the one you might buy before making that decision will help you with determining your budget. The best part about shopping for insurance in advance of owning a new asset is that you have the ability to set your start date for coverage in the future. This means that if you are 30 days out from closing on a new house, you can still plan your finances in advance by signing up for a policy that will not go into effect until that asset is in your possession. For that reason, you should never be afraid to start shopping for insurance early! 

Where should I buy insurance?

There are many options available to insurance consumers, so choosing where to look can quickly become overwhelming. Your first step is to find an insurance agent. This person will work with an insurance company to provide you with service and act as your point-of-contact throughout the duration of your policy. There are two main types of insurance agencies: captive and non-captive (independent). Captive agencies only have the ability to quote customers for one company, limiting customer options. Non-captive agencies, on the other hand, have the freedom to quote customers for a variety of companies with which they have established relationships. Non-captive agencies save customers time by pulling multiple quotes for the same amount of time it would take to gather the information for just one. Insurance companies will vary when it comes to the options, limits, and pricing they offer. Your agent will be able to go through the differences of each quote with you and help you determine which one best suits your unique needs. 

As a mutual insurance company, we partner with non-captive agents who are all Missouri-based and work with many different companies to provide the most suitable coverage options to their customers. While we hope that our policy options will fit your needs best, we believe in the freedom of choosing your perfect coverage. And that is exactly the experience you will have when you contact one of our agents.

Why do I need insurance?

The last thing you want is to experience destruction of property that can be caused so easily by distracted drivers, severe weather, and countless other hazards…and then have to repair those damages out of pocket. Insurance exists to keep even the most responsible people from going bankrupt because of one unforeseen disaster. If you own an asset, insurance will provide you with the peace of mind that it will be protected, financially. To find out why customers choose BMI for their insurance needs, visit our testimonials page.