Insurance companies take a gamble on their customers every day. Depending on the type of insurance you purchase, they charge you a set fee with the bet that you will never actually claim as much or more than what you pay. While making this bet, they consider factors like age, income, geographical location, past medical history, etc. which helps them estimate how much insurance you will likely claim in the future. No matter how much or how little you actually claim, there are some important factors you should also consider making sure you place your bets with the right company.
Keep Track of Everything
Let’s say you have done your due diligence and purchased fire insurance. While on vacation a spark from a neighbor’s firework show lands on your roof and a house fire destroys everything inside. According to Live & Learn, your insurance will cover a premium, but that doesn’t begin to cover the cost of all damages and items lost.
To prevent this, you must keep detailed records of the purchase price and value of everything you own. You may be surprised to find out how expensive everything would be to replace if you lost it. Rather than providing a rough estimation of damages incurred, you are likely to receive more money when you have detailed documents of your item’s true value.
Don’t Fall for Their Tricks
It is a very well-known fact that insurance companies don’t actually want to pay you. Their ideal customer is someone who invests in insurance and never uses it. That is where they make the best profit. According to Rogers Beltran, insurance companies are most interested in saving money and not helping you. However, if you have paid your premium and invested your earnings into their protective insurance, you have the right to claim damages. Regardless of how difficult an insurance company is to work with, it will be well worth your diligence to receive what is rightfully owed.
Finding an insurance provider is a great step in covering you and what is most valuable to you. According to The Personal, you shouldn’t be afraid to shop around for better deals. Companies compete with each other to give their customers the best coverage at the best rate. Some insurance companies even weigh factors heavier than others which can affect your rates. You can trade insurance coverage at any time, doing so will likely save you more money.
Life happens to everyone. Get yourself covered, protect what you value, and receive what is rightfully owed by keeping detailed records, holding your ground, and consistently looking for the best deal for you. Prepare yourself so that when life happens, it doesn’t have to be a devastating event.
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