Does Your Insurance Policy Cover What You Want?
Are you one of those people who place implicit trust in their insurance agent? Don’t worry, you’re not alone. Most people tend to let their insurance agent prepare their insurance policy and then walk out the door with it, without even the murmur of a question.
You may not face a problem now, but when the time comes to file your insurance claim, you may be in for a shock. Here are a few steps that will help you ensure that your policy is tailor-made for you and fulfills your requirements:
Read: Read your insurance policy. The insurance policy is the written agreement between you and the insurer. It puts the entire agreement in black and white and if you can check it to see if the policy has the coverages you paid for.
Understand: Reading involves understanding. So if you find that there are terms and jargon you cannot fathom, don’t hesitate to ask your insurance agent. They are not doing you a favor by sitting that extra time with you; you are paying them to explain the entire thing to you. So don’t hesitate.
Ask: After you’ve spoken with your agent, you feel you need some more time to review your policy, find out what time frame the insurance firm offers for a review. Some policies provide a free look period during which you may cancel your new insurance policy and get a refund.
Document: Keep all receipts and transactions between you and the agent. It is also important to document all vocal and written statements between you and your agent. This way, if your agent has promised you a particular coverage but not included it in your new insurance policy, you have a chance of getting that coverage if you need it when filing an insurance claim.
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