Robert Brokamp

speaker

4,580 appearances 41 recordings 3 series first heard Oct 2025 last heard 2d ago

Robert Brokamp’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 41 in all, peaking in Sep 2026 with 5.

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Motley Fool Hidden Gems Investing · Insurance-palooza! All You Need to Know to Protect Your Income and Wealth · 1 Aug 2026 podcast

And as you point out, Amanda, the minimums in many states are really much too low, and fools should probably increase those amounts. matched

That will lead to higher premiums, but that can be counterbalanced by having larger deductibles for your collision and comprehensive. matched

So going from a $250 deductible to a $2,000 deductible can cut your premiums in half or more. matched

Of course, just making sure that you're investing those savings so that they're available if you need to cover those costs after an accident. matched

All right, let's move on to homeowners and renters insurance, which have some commonalities and some differences. matched

What should people be thinking about here? matched

That's very important to understand what's covered and what's not, right? matched

Is damage from mold or termites covered? matched

Is theft of jewelry or other big ticket items covered? matched

What about a home-based business? matched

So make sure you read your policy and understand what's covered there. matched

Also, it's important to document what you own. matched

So just go around your house or apartment and video all your belongings so you have proof when you need to make a claim in case of some really bad fire or some other thing where everything is damaged and gone. matched

And this is another category of insurance where you lower the premiums by having a larger deductible. matched

But besides that, another reason to have a high deductible is that you really shouldn't be filing claims for small amounts anyhow, because that's going to increase the chances that the insurance company will raise your premiums in the future or just drop you altogether. matched

So when it comes to property insurance, it's best to think of it as a way to pay for really big ticket losses and cover the smaller losses yourself. matched

So, you know, if you can afford a $2,000, $3,000, maybe $5,000 deductible and the savings on the premiums are worth it, that might be the way to go. matched

You talked a little bit about liability insurance and it is often tied to homeowners or renters insurance, but there's an expanded version also known as umbrella insurance. matched

What does umbrella insurance cover and how much do people need? matched

That's remarkable what umbrella insurance can cover, including events away from your home and even outside the country, legal costs for various forms of lawsuits, even things like libel and slander. matched

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