While your insurance agent may possess all the knowledge regarding the policy you have purchased, you need to be aware of and remember some things too. First and foremost is your insurance policy account numbers along with the basic details of what your plan covers and whom you can contact when catastrophe strikes.
You may have purchased an affordable insurance policy, but how responsive and how flexibility will it be if/when you need to file a claim? Are you able to implement it immediately in the event of an emergency or is it executed after a minimum holding period? How soon after filing a claim are your grievances addressed? We strongly recommend that you inquire with your insurance agent or provider and have a good handle on claim processing.
Here are some additional to-do's we recommend after getting insured:
• Know whether the policy has a set level of coverage or if you can choose affordable insurance coverage by yourself.
• Check if the payout is predefined or dependent on the type of claim made.
• Ask your insurance agent whether the payout made is in the form of a lump sum amount or in regular instalments. If the latter holds true, then, is there a limit to the time duration for which the payment is made?
• In the case of regular payouts, find out if you can schedule the time from which the first payment begins.
• Be aware of policy exclusions if any. Read the fine print when purchasing the insurance policy rather than after signing on the dotted line.
• In the event of a loss, know that you first need to inform your insurance agent , give a notice of loss to the insurance company and then, have a public adjuster look into the damages.
• Clarify what is required of you in the event of a catastrophe from the insurance agent or insurance provider. Sometimes you may need to make an inventory of personal belongings and valuables damaged or lost by showing in detail the quantity, description and how much they cost.
• Your policy may be an affordable insurance plan but you need to know whether it addresses the immediate needs after a tragedy. For instance, in the case of home insurance: the provision of a safer, alternative dwelling, or the provision of emergency reparations such as shielding the doors, windows, and other exposed areas from further damage.
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