Buying Insurance Tips
Tips on Buying Insurance
When you buy insurance, you're really buying something that you hope you'll never have to use. But if you ever do need to file an insurance claim, you'll understand why having the right amount and right types of coverage is important.
We help you decide how much insurance you need
You can't stop bad things from happening. But you can protect yourself financially by purchasing insurance. How much insurance you need depends on a lot of factors including how much you owe and own, how much your assets are worth, whether you have dependents, and how much out-of-pocket cost you could afford to bear. You can estimate your coverage needs using calculators or worksheets available on-line, but it's a good idea to sit down with one of our insurance agents who can thoroughly evaluate your needs.
We comparison shop
One of the strong points about doing business with us is that we comparison shop for you. Once you've sat down with one of our agents to determine what type of insurance and how much coverage you need, the agent is then able to get quotes from several different insurers because premium cost can vary widely. We will help compare the coverage offered, too. A policy might cost less because it offers fewer, or different, features and benefits. We only work with companies that are reputable, with good customer service and claims-paying ability. All insurance companies are rated by major rating agencies (e.g. Standard & Poor's, Moody's, A.M. Best) on their ability to pay claims. You can access these ratings online, through public libraries, or through insurance company literature. Understand what you're buying. An insurance policy is a legal contract that may be loaded with technical terms that are hard to understand and that is why we make sure to take the time to go over each and every detail with you before you sign any agreements. For instance, the policy will tell you:
- Who or what is covered
- What coverage exclusions and limitations apply
- When coverage begins and ends
- How much coverage is provided
- How much you'll pay for coverage (the premium)
- How you report a loss or file a claim
- It's always a good idea to ask an insurance professional to explain any terms, conditions, or benefits that you don't understand.
We evaluate your insurance needs periodically
As your life changes, your insurance needs change, too. Because of this, we make sure to review your insurance needs with you to see if you need more (or less) coverage or an additional type of coverage. Here are some times in your life when you'll definitely want to re-evaluate your insurance needs:
- You're getting married or divorced
- You're starting a family
- You're renting an apartment
- You're buying a house or a car, or making a major purchase
- Your child is going off to college
- You're starting a new job or becoming self-employed
- You're buying or selling a business
- Your income increases or decreases substantially
- You're taking care of an aging parent
- You're retiring
We make your insurance policies work for you by taking the time to periodically review your needs and coverages. Please note that this description/explanation is intended only as a guideline.