5 Questions Every Insurance Customer Should AskDate Published: June 16, 2022
There are many Agencies and Brokerages to choose from that offer insurance, but not all companies are alike. Unlike an Insurance Agent who only offers insurance products from their particular institution, an InsureLine Insurance Broker shops many insurance providers to find you the best deal available. Below are 5 questions you should ask your InsureLine Broker when getting insurance.
1. Are there limits to my coverage? Limits are dollar amounts that determine the amount of protection and the monthly premium. The age of your home and automobile are factors in deciding limits and deductibles. For a home, the limits for detached structure, personal property and additional living expenses are determined by percentages of the value of the home. For personal liability, policies typically have a $1,000,000 minimum limit, but higher limits are available for purchase.
2. Is there extended insurance or an umbrella policy available? An umbrella policy is a type of insurance that provides personal liability coverage over and above what may be covered by your homeowners policy. If your liability insurance isn’t enough to cover damages, then the umbrella policy will cover the difference. Find out if there are any exclusions and what the limits are per category in your home.
3. What happens to my policy and premium if I have to file a claim? The number of claims you file has a direct impact on your rates. If you file too many claims, they may not renew your policy. If the damage is caused by you, they may increase your rates. Even if the damage is not caused by you, you may experience a rate increase because the risks are higher to insure you because of your driving conditions or the frequency of natural disasters in your area. A claim on your home insurance will not increase your auto policy premium, and claim on your auto insurance will not increase you home policy premium.
4. How do I file a claim? Each insurance provider requests different information when filing a claim and have different timelines of when the claim must be filed by. Forms need to be completed by the deadline. A visit by an insurance adjuster may be required. They may also need information about the date, location, and police reports if applicable. Your InsureLine Insurance Broker is here to help you navigate the process.
5. How long does it take to get reimbursed or paid after a claim is filed? The time it takes to get reimbursed or paid after a claim is filed can vary greatly depending on the type and severity of the claim. For example: if the claim is for minor auto damage or a small theft claim, your property will be repaired or replaced as soon as possible. If, however, your house suffers a fire, your property will take much longer to be repaired or even rebuilt. Should you have to file a claim, your InsureLine Insurance Broker can help you navigate the process.