Few people would call buying insurance a fun activity, but here are 6 tips to make the process a little easier:
- Use a broker
Why use an insurance broker such as Haas Insurance? Insurance can be complicated. As a broker, Haas works for you, not the insurance companies, and guides you through the process to get you the right coverage at the best price by receiving competing quotes from insurance companies on your behalf.
- Be specific about your coverage needs
Buying insurance starts with knowing your specific needs and understanding what coverage is mandatory and what is optional. Be sure to get enough insurance. Know the value of what you’re insuring or the true financial impact of a potentially life-changing event. Don’t buy insurance you don’t need. You may already be covered through your home insurance, credit card, group plan, employer, etc.
- Don’t omit pertinent information
Never omit important information on your insurance application. For example, if you fail to disclose that you are a smoker when buying life insurance or fail to state you have a pre-existing medical condition when buying travel insurance, it could result in your claim being denied or your policy canceled.
- Know what your policy DOES NOT cover
It is important to ask potential insurance providers what the policy does not cover. Every policy has exclusions that are listed on the policy. Ask your insurance provider to explain the exclusions before you buy the policy.
- Compare apples to apples
Shopping around for insurance is a good practice, but make sure when you do so that you are comparing policies with similar details to get a true price comparison. Some policies may be cheaper but not offer the same level of coverage or service. In terms of price, beware of insurance companies that charge substantially less than others. Often, that can be an indication the less expensive company will be less than ideal to deal with at claims time.
- Multiple policy discounts
Most insurance companies offer discounts for having multiple policies with them, which is important to know before making purchasing decisions.