Your Biggest Questions About Insurance Answered
My guest on today’s episode is Ruth Stroup. Ruth, AKA “The Insurance Lady,” is a Farmer’s agent in Oakland, California. Voted Best of Oakland seven times, The Ruth Stroup Insurance Agency is a community-oriented agency offering customized insurance solutions to businesses and families.
In this episode, Ruth and I discuss all things insurance, from what it covers and doesn’t cover to choosing the right policies and the obstacles that can get in the way of that. Specifically, we talk about wildfire risk in Northern California and how it may cause you to lose your homeowner’s insurance or your premiums to skyrocket. We also discuss what Ruth can and can’t do as an agent to help her clients navigate claims.
Later in the episode, Ruth provides a helpful overview of umbrella insurance, including common misconceptions about what it covers and how to determine if you need additional coverage. She also shares a little-known strategy she uses with her high-earning clients to protect their personal assets.
And be sure to listen to the end, when we talk briefly about earthquake insurance, another potential risk factor for California residents, and many of the common misconceptions surrounding it. Ruth also shares her tips for how she believes people should approach earthquake insurance and how to decide if it’s worth the high premiums.
And lastly, Ruth offers her response to people who believe insurance is just a racket. I learned so much during this conversation and Ruth shared so many great gems that I believe will benefit a lot of you listeners. I hope you enjoy the episode as much as I did.
[04:02] Ruth Stroup explains what homeowner’s insurance covers and doesn’t cover if someone burglarizes your home.
[07:03] How to insure different types of jewelry, whether it’s costume, gems and metals, or fine jewelry.
[12:31] What people can do to mitigate the damage if they get burgled or their home is destroyed by fire.
[16:22] What to do if your policy goes into non-renewal because you live in a high-risk zone for wildfires.
[19:51] How reinsurance companies impact the insurance industry.
[22:29] Ruth Stroup shares the reasons besides wildfire danger that a policy may be non-renewed.
[26:45] What Ruth can and can’t do as an agent when helping her clients navigate claims.
[33:11] Cathy asks Ruth Stroup to give a mini tutorial on liability and umbrella insurance.
[38:54] Ruth Stroup shares what she believes is the best kept secret in the insurance business.
[42:02] Cathy and Ruth talk earthquake coverage.