COUNTING DOWN THE BIG FOUR - #2 GEICO

JUST 15 MINUTES TO SAVE 15%

Logging in at #2 this year after taking over from Allstate, Geico is steadily putting pressure on the number one spot.  The ease of creating a policy online makes them a favorite of the younger generation and those who are not into face to face interaction. The Geico Gecko is a very familiar presence, keeping the brand relevant for over 15 years since its appearance in 1999.

Geico at a glance: 

• Established in 1936 by Leo and Lillian Goodwin.
• Columbia University business student, Warren Buffett, makes his first purchase of GEICO stock in 1951.
• New headquarters opens in 1959; Chevy Chase, MD.
• Passes the 1M policies-in-force (PIF) mark in 1961.
• Insurance premiums reach $150M; net earnings double to $13M, 1965-66
• Introduces 24/7/365 telephone customer service in 1980.
• Warren Buffett purchases outstanding GEICO stock in 1996, making GEICO a subsidiary of Berkshire Hathaway, Inc. 
• Today, GEICO's assets have reached $32B
• Parent company (Berkshire Hathaway) currently #4 on the Forbes Fortune 500; $182.15B
• Employs more than 30,000 associates; Maintains 14 major offices around the country. 

COMPARE BEFORE YOU SHOP, Part 4 ~ Renter's/Tenant's Insurance

Do Your Homework - RENTER'S/TENANT POLICIES

Ever stop to think just how much the stuff you've accumulated would actually cost to replace?  Go "shopping" around your apartment or rental home/condo one day and you would be surprised.  Ever stop to think about someone slipping and falling on your stairs or in your kitchen and you being sued?  What if you're cooking a fabulous meal for you and your significant other and the kitchen goes up in flames?  Do you have coverage if the neighbor (either upstairs or next door) causes a water leak that leads to your apartment being flooded and they have no renter's insurance?  

These scenarios are very real and could happen to anyone, yet could be avoided for merely pennies a day.  Most renter's insurance policies (depending on the amount of personal property you insure) run about $15-$25 per month and usually cover a minimum of $100,000 for your personal liability should you damage your rental unit due to negligence on your part.  Your liability coverage would also cover you should someone injure themselves at your residence and attempt to collect damages from you.  Most renter's insurance policies also provide you with some minimum coverages for jewelry, furs, computer items, silverware, etc. as well as basic medical expense coverage (usually $1,000) should you need it.  

Be sure you compare products and get the best possible liability coverage to protect your personal assets.

PROTECT YOUR ASSETS!

HOW'S YOUR COVERAGE?

How many are currently aware of the amount of money your auto insurance company would pay out in the event that you caused a multiple car accident with injuries or fatalities? 

Your limits of liability (and they vary from state to state) determine the amount of damages (both property and bodily) your insurance company would pay in the event you are at fault in an accident.  

Think about that the next time you look at your insurance ID cards or policy, then think about what your net worth is and/or how much you and/or your spouse bring home each year in salary.  

If your liability limits are not at the point of protecting your net income, you may want to schedule an insurance and financial review with your insurance agent ASAP!  Don't have one, then it's time to re-think that as well.  When it comes to insurance, cheaper usually doesn't mean better and having a local agent is much more beneficial than spinning your wheels speaking to an insurance novice at a 1-800 call center.