Episode 17: What You Don’t Know About Insurance Could Cost You

Episode 17: What You Don’t Know About Insurance Could Cost You

Featured Guest

Tamara Naar

SVP of VyStar Insurance Agency

Tamara Naar is the Senior Vice President of VyStar Insurance Agency (VIA). Tamara provides overall leadership, strategy, direction, and vision for VyStar Financial Group's Property and Casualty insurance products and services. Tamara is a proactive, results-producing leader with a strong record of accomplishments. Tamara has consistently developed effective business strategies and successfully executed initiatives while leading highly productive teams to exceed company goals. With over two decades of experience in the financial and insurance sector, she effortlessly leverages her diverse experiences to facilitate collaborative efforts, ultimately delivering insightful solutions that drive accelerated growth for the organization.

Highlights

  • Studies show that around 60% of U.S. households are underinsured in one or more areas, including home, auto, and life insurance.

  • Common coverage gaps include lack of flood or earthquake insurance, choosing only state minimums on auto policies, and relying solely on employer-provided life insurance which may be inadequate.

  • Lower insurance premiums often mean less coverage and higher out-of-pocket costs, especially if you select higher deductibles or lower coverage limits.

  • Add-ons like rental car reimbursement or roadside assistance are often overlooked and can lead to unexpected expenses at claim time.

  • Homeowners’ policies typically do not cover floods or earthquakes; separate policies are needed for those risks, especially in areas prone to natural disasters.

  • It's crucial to know whether your personal property is insured for actual cash value or replacement cost—replacement cost provides a higher payout by not factoring in depreciation.

  • Homeowners should regularly review their insurance to ensure coverage keeps pace with rising construction and replacement costs.

  • Valuables such as jewelry, artwork, or home office equipment may require additional endorsements to be fully protected under your home policy.

  • Life insurance purchased through an employer may not be portable and is usually not sufficient for long-term needs—consider purchasing supplemental or individual coverage.

  • Life changes (like buying a new home or having children) should trigger a review of all insurance policies to ensure adequate coverage.

  • It’s recommended to meet with an insurance agent at least once a year to review and update coverage, as needs and circumstances evolve.

  • Reviewing insurance policies regularly can also uncover opportunities to save money, either by adjusting coverage or removing unnecessary add-ons—it's not just about increasing spending but optimizing protection and premiums.

  • The VyStar Insurance Agency offers annual policy reviews for both members and non-members, aiming to educate consumers and help them find the best coverage and value for their unique needs.

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The content provided in this podcast consists of the opinions and ideas of the creators alone and should be used for informational purposes only. The opinions expressed should not be considered legal, financial, or tax advice, and are not meant to replace such advice. VyStar Credit Union is not responsible for any losses, damages, or liabilities that may arise from decisions you make based on the information provided. The opinions expressed in this podcast are those of the guest and not VyStar Credit Union or its management.