In every financial topic, learning before deciding is important, but getting educated in advance, might be the most important in the field of insurance. The terms of insurance policies are written to punish ignorance and take advantage of the disinterested. Learn all you can to get the best insurance deals available to you!
You can insure just about anything these days. If you have an antique or family heirloom that you know is of great value, you can take out an insurance policy on that particular item in the event it is damaged, lost, or stolen. It won’t be able to replace something that has sentimental value, but it will ease the pain a bit.
If you are looking to save money on insurance, research into group rates in associations you may already be a part of. Organizations like AAA, AARP, and university alumni associations sometimes offer great insurance rates for their members. This can help you both save money and utilize the benefits of the organization that you are a part of.
When filing an insurance claim, be sure to write down the claim number as soon as your are given it and keep it in a safe place. This is helpful because you will need this number at any point that you speak with the insurance company about the claim. You may find it helpful to copy this in multiple locations such as on your computer and phone.
Don’t try to inflate the value of your car or truck. All this accomplishes is raising your premium. In the event that your car is written off or stolen, the insurance company is only going to pay the market value of your car at the time of the incident.
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.
To cover your home for earthquake damage in California, you must purchase separate earthquake insurance. Regular homeowner’s insurance will not cover quake damage. Your insurance company or broker can help you understand the risk in your area and provide the coverage for you. Many homeowners choose not to get earthquake coverage, as it can be quite expensive.
Health insurance, car insurance, renter’s insurance, pet insurance, travel insurance.
All of those things are necessary and they insure one’s peace of mind. It is easy to think that paying a minimal monthly amount is ridiculous, but when something catastrophic happens, insurance saves the day.
Insurance will save one’s car, another driver’s car, items in one’s apartment, cover the bills for a sick pet, reimburse one for a trip that got cancelled because of bad weather, or pay medical bills.
Purchasing insurance is necessary and it should factor into everyone’s budget. One hundred dollars every month is far easier to handle than one hundred thousand because something unexpected happened.
Hopefully, these tips have prepared you a little to make wise insurance decisions. Do not stop here, though. There is an abundance of free information available to teach you more about getting the most out of the money you spend on insurance. More education will protect you even better. Keep learning and keep saving money!