There are dozens of insurance policies that cover everything from your life to death, house, car and even pets. The most important thing to remember before buying any insurance policy is to get your finances in order. You don’t need to buy all insurance policies on the basis of “what if”. For example, if you live in an area that has never been in the path of a flood, then you don’t need to get a flood insurance policy. Standard damage caused by a flood to a house is already covered under a home insurance policy.
Now that you know what to do before buying an insurance policy, what is your next step?
Let’s assume that you had a long chat with your friend where he told you about the types of insurance policies he recently bought from a so-and-so company. Before you choose the same company, just because your friend bought a policy from here, why not explore other companies. This company might not be offering the coverage you are looking for. They try to convince you that another policy offers the same benefits but at a higher premium, so should your buy it? Yes and no.
Here are eight tips that will not just clear this confusion but also help you buy better coverage:
No matter what policy you are buying, the first thing you need to do is get as much information about it as you can. Then search online for the top insurance agencies in your area and find out what products they offer. Read reviews about them and then call each one of them to get a feel on how they treat customers.
Customer satisfaction is extremely important when it comes to insurance agencies because you have to be in constant communication with your agent to make sure that all your needs are being met. Once you have gathered information about all the agencies, pick three based on their service. Do not pick the cheapest one because this does not guarantee good service.
Evaluate Your Needs Before Buying a Policy
Don’t go adding more coverage to a basic insurance policy just because your neighbor bought it too. This will just waste your money. On top of the utility bills and property taxes, you will find it quite difficult to make such premiums. Once you have picked an insurance agency, have a talk with the agent handling your case.
Discuss your financial difficulties and talk about your lifestyle. This will allow your insurance agent to design a better policy that will be suited to your needs.
Ask About the Exclusions
“What else is included?” This is the most common question every person asks when buying an insurance policy. What you should be really asking is, “What is excluded from the policy?”
This allows you to prepare in advance about the disasters that are not in the coverage and you won’t feel disappointed when your claim is rejected.
Ask About Loyalty Discounts
A great way to get loyalty discounts from your insurance agency is to buy multiple policies from them. For example, if you bought car insurance from them then why not expand your coverage and also include health insurance in this policy. The more you keep up with the payments and remain with them till the end, the better discounts you will get.
Check out these: 8 Auto Insurance Discounts Worth Asking About in Connecticut
Review Your Policy Every Year
Did you just have a baby? Your priorities are going to change and so will your lifestyle. You now have someone to look after for the rest of your life and this means that the current basic insurance policy won’t cover you and your child.
When the time comes to renew your policy at the next premium payment, talk with your insurance agent and tell him your concerns. Now that your needs have changed, you will need better and broader coverage.
Cheap Doesn’t Mean the Best
As mentioned earlier, if you have two options in front of you: a policy that is cheap and another one that is affordable but expensive than the former, then it doesn’t mean you should opt for the first one. The premium might be low but you won’t get good benefits. Compare the price, as well as the benefits offered by the insurance agency and then make your decision.
A policy with voluntary deductibles that are high might be cheaper than the other policies. Some offer NCB benefits, which more than make up for the high price. Every insurance agency offers different benefits and features. The best way to pick one is to look at your finances and lifestyle. Don’t go for a basic insurance policy that is offering more benefits at a less price. This will only create confusion when the time comes to make a claim. Go for a simple insurance policy that covers the important things in your life.
Ask If They Offer Grace Period
An Insurance Grace Period is certain amount of time that is given to the policy holder if they miss making a premium. This is something that is discussed at the time when your policy is designed. A Grace Period works like a lifesaver because there will come a time when you forget making the payment.
And there you go… eight tips that will help you choose the right insurance agency and coverage. Remember — do not get stuck on the price or how much coverage you can get in it. Buy according to your needs and it will be easy for you to keep up with the premiums and, make a claim when the time comes.
If you are looking for a qualified insurance agent who holds years of experience in this field, then visit Pawson. The company provides different types of insurance policies from home to car, condor, flood, business, retail, workers compensation and more. To know more about their policies, contact them at 203-481-8898.
Digital Marketing Director