What to look for when purchasing insurance

When purchasing insurance, there are several key factors to consider to ensure you’re getting the coverage that best fits your needs. Here are some things to consider:

1. Coverage Types: Understand what types of coverage are available for your specific needs. Common types include auto insurance, life insurance, homeowners or renters insurance, motorcycle insurance, RV insurance, business insurance, and more specialized types like travel insurance or pet insurance.
2. Coverage Limits: Determine the coverage limits for each type of insurance you’re considering. This is the maximum amount the insurer will pay for a covered claim.
3. Deductibles: Know the deductible amount for each policy. This is the amount you’ll need to pay out of pocket before your insurance coverage kicks in.  The higher deductible the less your premiums will be.
4. Premiums: Consider the cost of premiums for the coverage you need. Premiums can vary based on factors such as age, location, coverage limits, deductibles, and the insurance company itself.
5. Claims Process: Research the insurer’s claims process and reputation for handling claims efficiently and fairly. Look for customer reviews and ratings to gauge customer satisfaction.  You usually get what you pay for, so shopping on price alone may affect the quality of claims service if you go with the “cheapest” option.
6. Coverage Exclusions: Understand what is not covered by the insurance policy. Review the exclusions carefully to avoid surprises when filing a claim.
7. Policy Features and Add-ons: Some insurance policies offer additional features or add-ons for an extra cost. Consider whether these extras are worth it for your specific situation.
8. Financial Strength of Insurer: Check the financial stability and reputation of the insurance company. You want to ensure they’ll be able to fulfill their financial obligations in the event of a claim.
9. Customer Service: Evaluate the insurer’s customer service reputation and accessibility. A responsive and helpful customer service team can make a big difference when dealing with insurance matters.
10. Policy Renewal and Cancellation Terms: Understand the terms and conditions for renewing or canceling the policy. Be aware of any penalties or fees associated with cancellation.

By carefully considering these factors and doing your research, you can make informed decisions when purchasing insurance that provides the protection you need at a price you can afford.  For a no obligation insurance review, please contact us today at (425)212-3505