If you’ve ever worried about having your insurance claim denied or facing a coverage dispute, you’re not alone. Learn how to avoid insurance policy problems with these six steps to prevent claim denials, coverage gaps, and disputes.
Before even looking at insurance agencies, make sure you note what possible major risks your property may sustain, what types of coverage you're looking for, and what your budget is. The foundation of avoiding insurance policy problems is selecting coverage that matches your risks and assets. Think ahead about what your property or situation might face (flooding, fire, wind damage, liability exposure—and make sure your policy explicitly covers those perils.
Insurance companies love to advertise their bundle deals. Why not take them up on their offer? Ask about any possible discounts you may qualify for – many insurance companies have many that they don't advertise until clients ask for them directly.
Agents cannot read your mind or know the particulars of your needs. You have to be honest up front and answer questions truthfully. Otherwise, you may end up with an incorrect price quote or cancellation of the policy down the road.
While at first sight, a low monthly premium that seems to suit your needs sounds like you hit the insurance jackpot, remember to also pay close attention to the details. Factors such as the company's financial rating, complaint index, license status, and customer reviews give much more insight into how your experience may be. Don't overlook these in the long run.
Even after everything is said and done, and you have the copy of the policy, make sure you look it over to make sure everything is correct. Basic information on your declarations pages such as coverage, endorsements, deductibles, discounts, and premiums should all be read correctly.
Better to find out about them when you've initially taken out the policy than when you're trying to file a claim.
Don't risk your largest asset by ignoring your insurance policy. If you or someone you know has an insurance policy question or is struggling with a claim problem, schedule time to talk with our team.