Navigating Insurance in Middle Tennessee
Inflation and insurance in a booming market - Oh my!
Our current economy is a high inflation environment, to say the least. Because home, auto, building material and parts and labor costs are increasing so rapidly, it’s easy to end up underinsured even if your policy includes automatic coverage increases from year to year. And while insurance may not be top of mind right now, reviewing your coverage is critical to starting your new life in Tennessee on the right foot.
Make Sure You’re Securely Covered
From time to time, insurance companies come out with new and improved policies. If you purchased your policy years ago, it could have less coverage offered than some with new policy provisions, such as higher liability limits and water backup coverage that were optional or not available before.
When shopping for a new policy, it’s best to prioritize a highly reputable, Fortune 100 company that has a strong track record of paying out claims fully and quickly. Cheap insurance is cheap for a reason - it’s worth the investment to work with a company that will be there for you when (not if!) you need them. Plus, you could be chatting with a different person every time you call, not someone who knows you, your needs, and your situation.
Understanding Your Rate
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As an insurance agent who works with people from all backgrounds with a variety of needs, I’m often asked how rates are determined, and what the ideal scenario looks like. As far as most insurance companies are concerned, the “ideal” client has the following characteristics:
• Married
• Homeowner
• 2-3 cars with a total of 2-3 drivers
• Good credit (a bit subjective, but typically we’re looking at 680 or higher)
• No accidents/tickets/claims in the last 5 years
Insurance actuaries measure many different numbers when it comes to insurance risk, and typically, clients who are single, under 25, or over 60, tend to have higher premiums.
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Getting The Best Value
​As you can see, the “ideal” insurance scenario is pretty specific! Many people won’t fall perfectly into those categories; however, they can still find good coverage with reasonable premiums.
By far, the best way to save is bundling your coverages with one company. It can lead to HUGE discounts and make the claims process much simpler. Allstate offers a 25% discount in Tennessee for a home and auto bundle.
Another easy way to save on premiums is to opt for a higher deductible. It’s a balancing act to determine how much of a deductible you can afford while getting the optimal savings on your monthly premium.
If you need additional coverage beyond what standard plans can provide, an Umbrella policy is the way to go – it almost pays for itself to add an additional $1M of coverage over your home & auto limits!
​Choosing Your Partner in Insurance
Navigating the insurance world doesn’t have to be scary - agents are here to help you understand your needs and options and make informed decisions.
That said, not all agencies are created equal - we have had several new clients come to us because they either did not realize what coverages they had, or their previous agent has not spoken with them in the last few years and left them severely underinsured.
Thankfully, we are up to the task! Our primary office has been located in West Nashville on Charlotte Pike for over 45 years, serving Davidson as well as Williamson and Maury Counties. We opened our satellite office in Franklin Feb 1, 2024!
We’re locals, we live in the same communities we serve, and we are the experts on Middle Tennessee. Whether you know exactly what you need or are just trying to make sense of what coverages are out there, we’d love to sit down and go through your options with you.
Take the first step by calling us at 615-356-4803 or emailing owenomalley@allstate.com. We look forward to helping you and your family protect what’s important as you build your new life in Middle Tennessee.
Owen O’Malley, Agency Owner
Email: owenomalley@allstate.com
Nashville Office
615-356-4803
5517 Charlotte Pike
Nashville, TN
Franklin Office
615-599-1911
1014 Fulton Greer Ln #2
Franklin, TN
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