Navigating the world of insurance—policies, claims, premiums, and endorsements—can be overwhelming. However, these essential tools not only safeguard against unexpected events but also contribute to a secure financial future for you and your loved ones. Working with an insurance agency can help to effectively protect your assets and ensure peace of mind. We sat down with local State Farm agency owner Daniel Borden to discuss the importance of both diversifying your insurance coverage and having a dedicated insurance agency.
What are three things consumers should be mindful of?
“First, I recommend looking at your home insurance. With hundreds of policies in Texas, it’s crucial to speak with a reputable agent regarding what’s covered, what’s not covered, and what your options are. For example, a client’s home had a slab leak that damaged her wood floors, kitchen cabinets, and baseboards. We covered the entire loss—$117,000—because of our premium endorsements. Most companies would have only covered $5,000 and left the rest to the customer.
“Second, understand how to optimize your rates. A ‘mutual’ company (that is, a company owned by policyholders, not stakeholders) that offers loyalty discounts could save thousands more long-term than 'shopping’ at every renewal. Also, know whether to file a claim or not, because claims stay on file even if nothing pays out. Having a solid agency in your corner is crucial to checking your deductible first and helping you determine if filing a claim is the right move.
“Third, protecting what’s probably your largest asset--your income. We find only 50% of folks have life insurance, and many that do only have 1-2 times their salary through work benefits, which are not guaranteed and often take several months to pay your family. In the event of an untimely passing, we only have one chance at getting that claim right for your loved ones.”
What top three items should a consumer have in their insurance portfolio?
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“The first and foremost item to have is a customized life insurance plan. Even though death is the only guaranteed claim, most people are insufficiently covered. In Allen, the average household makes over $5,000,000 before retiring. Fortunately, there are ways to both optimize life insurance costs and enjoy benefits while living. A great life insurance plan will not just cover a death claim but also help pay for things that are important now, such as education, rainy-day funds, and business ventures.”
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“The second item is called a liability umbrella policy, which covers you for liability claims against you above what your home or car insurance covers. For example, we’ve had clients who were liable for accidents on crosswalks with pedestrians, rolled golf carts, and even head injuries from falls at their homes. When these cases passed their home and car insurance limits, our liability umbrella policy covered them every time. This policy is a blanket policy that guarantees your insurance company will settle those large claims that would drain your net worth if not covered.”
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“The third is an agency that cares, that educates, and that is responsive. When you experience a loss, nothing beats having a team that works for you and knows how to help. We’ve learned over the years that not all agency teams are as passionate about doing right for their clients. Find an agency that will go to bat for you when you need it. A good team can optimize rates, explain important details, and give good advice."
What are some things that you do to invest in your team and your business?
“My vision is to create a workplace that improves the quality of life for my employees. I invest in my team to develop lifelong careers and benefits plans that are financially rewarding and personally fulfilling. My team is my top priority; I invest in their personal development with coaching and training programs and a customized approach to help them reach their individual goals.
“Investing in my team directly impacts the business and our clients. The team loves to take care of our clients every day. We collectively have over 65 years of insurance experience… and we still learn and grow every day!”
Having reached his fourth-year anniversary in business, and with hundreds of five-star reviews on Google, Daniel reflects on what the future holds: “We have momentum right now. We are growing our current team and also expanding into the community. The future is bright!” When Daniel isn’t at the office leading his team and helping clients, you’ll find him sponsoring the Allen Eagle’s Player of the Week, serving as a mentor for Big Brothers Big Sisters, and leading the band at Fellowship Church in Frisco. Got questions? Reach out at info@getborden.com or call 469-270-5743.
“With hundreds of policies in Texas, it’s crucial to speak with a reputable agent regarding what’s covered, what’s not covered, and what your options are.”
“Investing in my team directly impacts the business and our clients. The team loves taking care of our clients every day.”