While it may not seem like a big deal for the insurance company to leave out a few facts, it will impact the client. Similarly, a client may also leave certain facts about their finances only for them to come out in the open later. It is best for both the involved parties to lay out the facts in the open, allowing the process the work smoothly for the sake of mutual benefit. Here are a few tips on setting a clear record with the insurance company and also ensuring that they are completely honest with you.
Get Multiple Insurance Quotes Upfront
Always get multiple quotes from different firms rather than relying on one and allowing them full control over your choice. But before you look for quotes, be crystal clear of your coverage needs. Different types of insurance companies offer different benefits, and you need to be judicious while seeking insurance coverage. You don’t want to assume anything and you want to call around for the best price.
Look for a provider who meets your needs. Start with the insurer you have the best connection with rather than simply reaching out to the big insurance companies or you can hire a publisher adjuster like Friedman & Associates Public Adjusters for help.
You would find it much easier to discuss your requirements with an insurance provider that is willing to give you time and listen to your requirements. Get about three to five quotes, which will give you a good sense of what market rates the insurers are offering for the type of coverage you need. While you are at this step, here are a few things you can try:
- Keep in mind if you are eligible for special discounts, like those offered to seniors or for other special categories. Or if you are looking for home insurance and you work from home, be prepared to discuss this fact with your insurance provider. The insurers believe that your being present on the premises makes your home less prone to burglary or other accidents (such as fires). Many insurance providers may like to offer women-run businesses with more competitive rates. Thus, look for special conditions that may make you eligible for discounts.
- Under all circumstances, let your decision be guided by your needs and not by what the insurance provider is offering. It is not prudent to simply go with the provider who is quoting the lowest offer. Learn to look beyond the price and focus on what the provider is willing to cover and if any loopholes are involved. The annual premium cost plays a vital role in the final decision.
- Just do not be limited to large operators and talk to independent agents connected to multiple insurance companies. It would make the process much more personalized, and it will save your time because you will get numerous insurance plans and quotes from one person. However, remember that a licensed broker will add their service fee along with the policy costs.
Make Sure You Understand and Have Enough Coverage
Let us reiterate here: while buying insurance coverage, be guided by your needs and be very clear about your unique requirements. Brokers can sometimes be quite persuasive in making you sign the deal, but it is upon you to make the final decision.
Standard homeowner policies cover disasters like fire, lightning, hail, and explosions. But you may need to look into a few more depending on your geographical location and whether the place is prone to earthquakes and floods. Be aware of the specific risks that you are susceptible to and have coverage that will be high enough to include the cost of the losses incurred.
A basic idea of the costs can be the current market price of your property.
The cost required to rebuild your home can be less or more than that. But if your insurance policy is based on your mortgage amount rather than the property’s market value, it will not cover the cost of rebuilding.
The insurer will also help you determine the amount required to restructure your home. But don’t be guided solely on their assumptions. Enquire the market price of the property and costs involved in restructuring yourself. It would help you further if you considered some aspects like:
- The construction costs
- The square footage of your property
- Type of exterior wall; brick, stone, or veneer
- Style of the house
- Number of rooms, bathrooms, and other structures
- Other additional facilities like shed, barge or garage
- Special features like fireplaces, arched windows, etc.
- Whether any improvement was made after you moved in that can be added on to the market price.
Hire a Public Adjusting Firm for Assistance
Policy insurance adjusters are professionals who work on behalf of policyholders. They work along with individuals and businesses to assist in filing the claim and also help them in understanding whether the amount being offered by the insurer is correct or not. Claims for losses can also be argued by the public adjusters. They are experts in reading the policy statement and giving you the crux of it without confusing you with unnecessary bits of information.
Hiring an adjuster will involve an additional cost, but you do not have anything to lose. Even if as a policyholder you are confident in your skills and know the real dollar value of the property and the potential damages, it is a prudent practice to obtain a professional opinion. Adjusters often visit the property to give you a custom estimate of your requirements. They are professionals who will almost never miss out on any costs or additional features to cover that a policyholder can surely overlook. They will also guide you in submitting an accurate claim that covers all your losses and needs.
You may consider hiring the services of a knowledgeable and experienced public adjuster, such as Friedman & Associates. A dedicated public adjusting firm will offer you all the help and guidance you need. Their team will be well-versed with the strategies that are commonly used by the insurance companies. If you are looking to save on time and complete the claim process smoothly, it makes sense to work with a well-established public adjuster who is willing to provide you proactive and personalized services.