It is normal to ask what something costs. However, it's wiser to ask what something is worth. In other words, you get what you pay for. If you hired someone to paint your entire house, but they only painted a few splattered sections on three walls, you wouldn’t pay them. Or you’d at least leave them a scathing Yelp review. This is analogous to many people’s experience with their insurance. When push comes to shove and they need to file a claim, their insurance doesn’t cover their needs so they shell out thousands of dollars in damages—sometimes resulting in bankruptcy.
Seth Janz, the Founder and President of Integrity First Insurance, believes education and transparency can transform people’s experience with their insurance. Seth has experienced the shady side of the financial industry and he’s made it his mission to do business differently.
“I previously worked for a broker-dealer and they didn’t do things I thought were ethical for their agents or employees,” Seth recounts. “I left and started Integrity First. I wanted to run my business in the exact opposite way.”
One way Seth set his business up to operate with integrity was by structuring it as an independent agency. Insurance agencies fall into one of two categories—captive or independent agencies. A captive agency only works with one insurance carrier. They have a select number of products and they have to try and sell them to you.
Independent agencies work with several carriers and can match you with a policy that aligns with your unique story and level of risk. Independent agencies don’t have to fit a square peg into a round hole in order to do business.
Integrity First works with 21 different insurance carriers. This flexibility allows them to act as a consultant to find the best opportunities for their clients. They explain why price isn’t the only factor to consider—coverage matters too. In short, insurance agencies make money off cheap policies that don’t provide a lot of coverage because they don’t have to pay out as much when incidents occur.
“The insurance industry gets a bad rap and we’ve earned it," Seth explains. "Look at most of the insurance advertisements—half of them are telling you that you need cheap insurance. The other half are attorneys saying, ‘Have you been hurt in a car accident? Call us and we will sue for you.’ And who are they suing? The people with cheap insurance policies who have no liability coverage.”
A few questions to ask your insurance agent to become more educated:
- How are my current coverages affecting my insurance score?
- What are my limits of liability? Where am I exposed with my insurance?
- What happens when I file a claim?
[Integrity First has an in-house claims specialist to help you understand the pros and cons of filing a claim, such has how much you will pay and how much your insurance rate will go up as a result, before you do so.]
If you want to discuss these questions with an Integrity First agent, they’d be happy to do so. Call them at (303) 597-1667 for a free proposal and ensure you’re covered in 2022!