Insurance is complicated. But it’s safe to assume you already knew that. It’s much easier to archive that policy document in your email, or find a nice drawer bottom if it was mailed, than it is to sift through all the pages and try to wrap your brain around all the industry jargon. Speaking of jargon, did you know there is an entire glossary of just insurance terms? Even though it may seem easier to just push those pages to the side, it’s important for you to at least know the following few things. These few things will save you a bunch of headaches should you need to actually use that policy down the road.
Exclusions. Know what won’t be covered before you have your claim denied! Read these BEFORE you purchase a policy. If they’re not available online, request them. Always ask for a list of exclusions before you purchase a new insurance policy, regardless of the type of insurance you are getting. NOT every insurance policy is the same, even if it is the same category of insurance. While many will have similar exclusions, some companies are more restrictive than others. Already have insurance? Dig up that copy of your policy and read your exclusions. If something you need covered is excluded, it may be a good time to start looking into alternative options, like maybe getting a new policy.
Claims. If you have a claim, notify your insurance company as soon as possible. Once your insurance company is notified, they can get you any documents you will need to get your claim reviewed and approved. The faster you get this process going, the quicker you will receive your benefits. Many insurers require you to make your claim in a certain amount of time. If you miss the deadline, they can deny your claim, so faster is always better.
Don’t miss payments. When the going gets tough, insurance is often one of the first payments folks let slip through the cracks. Unfortunately, when you’re already down, having something happen to your house or your car or yourself can be more devastating than it would be if things were going well. Some types of insurance will allow you to reinstate your coverage, but others won’t. And even if your insurer will reinstate your coverage, it’s likely they won’t cover incidents during the period your policy was inactive.
You aren’t stuck with your current policy. Other than your health insurance, you can change your insurance carriers or policies at any point during the year. If you see something you don’t like in your policy, don’t settle for it. Look into your options. An insurance agent or advisor will be able to help you walk through alternatives, or find additional coverage that might meet your needs.
Our primary goal is to help you be more fearless, and being more fearless starts with being prepared. Have questions? We might not have all the answers, but our support team is happy to help you find them. Because every adventure needs a buddy.