Insurance Is Not One Size Fit All (3)

Insurance Is Not One Size Fit All


A lot of people think that learning about insurance is a difficult task. You have to remember that it"s only difficult if you make it difficult. In reality, learning about insurance is pretty easy. You have to keep an open mind and always educate yourself. With the tips in this article, you can start to do that.

Determine what you need as far as insurance is concerned and match it to your budget. Evaluate what your coverages entail, and have your insurance policies tailored to accommodate increases or decreases in your available funds. Insurance is important; however, if you cannot afford the coverages you have, you may lose the coverage completely.

Create and maintain a detailed journal of every event that occurs leading up to and throughout the duration of your insurance claim. This will assist you if there are discrepancies throughout the process. This is the only way that at least you can ensure that you keep your facts straight. Take down everyone"s name and number that you speak with and a brief summary of the interaction.

Make your insurance premium one of the first payments you make every month. Most polices have language written into them that a missed payment cancels your insurance coverage. This can be especially dangerous as your health or risk status may have changed since you first purchased your insurance. A lapse in coverage will end up meaning higher premium payments so make it a priority.

When settling a claim with your insurance company, know how and when you will receive your payout. Many insurance policies are designed on an "actual cash value" basis, meaning that your claim may only be paid once repairs are completed or replacement items are purchased. If you needed cash to fund those purchases in the first place, you may be out of luck.

If your credit score has gone up, have your insurance company rechecks your scores. Insurance companies do base part of your initial premium on your credit score. Without your permission though, they can only check it when they initially offer you coverage unless you have had a lapse of coverage. If you know your credit has gone up, having your credit rechecked could net you a reduction in your premiums.

Once you"ve acquired your insurance policy, make sure you read it and understand it! Sometimes there"s things placed in there you aren"t even aware of or special incentives that you are entitled to that your agent may have left out or just simply forgot to tell you. Make sure you know what you are paying for and every time you get a new statement make sure you re-read it to guarantee that nothing has changed and that you are still paying for what you originally decided upon.

Don"t let the tips in this article alone, guide you in your insurance purchasing decisions. That"s not to say to disregard anything you read in this article, but you just have to keep filling your brain with information. If you need to visit this article again when you have time, in order to make sure you retain this knowledge.


Find More Credit Repairs Articles