Insurance… We all have it. We all need it. So how do we get the most out of our money? There is a lot to know and a lot to avoid when it comes to insurance. Take the advice laid out here to understand what you can do to cash in on savings and make your most beneficial insurance policies.
You can insure just about anything these days. If you have an antique or family heirloom that you know is of great value, you can take out an insurance policy on that particular item if it is damaged, lost, or stolen. It won’t be able to replace something that has sentimental value, but it will ease the pain a bit.
Look into multiple insurance policy discounts. When you bundle your insurance contracts with one company, you will often get a discount of 10% or more. Contact them and get a quote for auto or life insurance if you currently have home insurance with a company you are satisfied with. You may find that you will get a discount on every policy.
It may go without saying, but someone needs to put it out there. When it comes to insurance, tell the truth! I heard a story about a guy who had his windshield shattered and did not report it to his insurance company for two weeks. In that two weeks, he changed his policy to include zero deductible comprehensive so it wouldn’t cost him anything to fix it. The insurance found out! Can you guess where he is now?
After me, you must always read the fine print when signing an insurance policy. You typically have to sign many papers containing thousands of words in tiny print in an insurance transaction. You need to read – and understand – these forms before you sign any insurance policy. Do not allow the agent to blow through the forms and sign at the several places marked with an X. If you don’t understand the fine print, and you will likely regret your purchase decision down the line.
It would be best to consider purchasing renter’s insurance for your apartment. You certainly own valuables and other personal possessions, which would need to be replaced at your own expense if anything should happen to them. In this event, you should take out a personal property policy, which will cover your possessions and valuables.
If you have had to file multiple claims with insurance companies, chances are. You already have a feel for good adjusters and poor adjusters. Good adjusters are friendly and come across as trustworthy and credible. However, do not mistake the “nice guy” for a guy who wants to give you all that insurance company’s money. Their goal is to be the approachable, human side of the insurance business while at the same time minimizing their payout to you. It isn’t cruel, it’s just business, and it needs to be borne in mind.
If you rent your home from a landlord, know exactly what the landlord’s insurance covers. You might need to get additional insurance, known as renter’s insurance, to complete what your landlord’s insurance does not cover. Do not file claims to both insurances in case of damage.
When on the hunt for pet insurance, research companies thoroughly. Pet insurance companies have a very high fail rate, so you want to find a company that has been around for a while. The longer a company has been in business, the more stable you can trust it to be.
Avoid signing up for insurance policies that guarantee you will be approved. These types of insurance are much more expensive than a standard policy because they cannot manage the risk levels of their policyholders. Avoid these policies unless you are in bad health and have been turned down elsewhere.
Make sure that your renter’s insurance covers theft and natural disasters. Renter’s insurance tends me a network of exclusions. Antiques or high-end items may be excluded from coverage, or you may not be covered in case of theft or flooding. Make sure of exactly what your policy covers and doesn’t cover.
Don’t rule out using an insurance broker. An insurance broker can save you time by researching and presenting you with the insurance policies best suited to your needs. They can also explain legal terms in insurance policies, and they can often offer you great discounts on policies.
The best time to switch insurance providers is when your policy is up for renewal. Canceling a policy at the end of its term means you won’t have to pay a cancellation fee, saving you money. You also can let your current insurer know that you plan on canceling and moving to another insurance company. They may offer you a discount to match the new company’s offer, or even better.
Make sure you know exactly what out-of-pocket costs you will be responsible for with an insurance plan. Deductibles and co-pays can vary based on what sort of healthcare you receive. Study your plan to know what you will have to pay so you aren’t surprised when the bill comes. Review the section for the type of care you are going for, as there can be huge variances in the amounts.
Minimal coverage gives you minimal protection, so make sure you’re fully insured. Saving money on your premiums won’t help you if you end up in a situation your insurance doesn’t cover. Making sure that you have full coverage now for any event that could happen to you will help you avoid paying out of pocket for injuries or damage in the future.
This article has shown you the importance of insuring our valuables and assets and what to strive for, and what to avoid when buying and using them. The insurance that we carry can be a lifesaver when something goes wrong. That’s why we have it and why it’s important to understand it.
