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Tips To Consider When Purchasing Insurance

Posted Sep 29th, 2015 in General, Insurance Tips, Did You Know?

In an effort to provide you with superior insurance coverage, we have compiled a number of tips for you to reference when you are purchasing or renewing your insurance with your broker.

The following tips have been created to assist you through the process of purchasing or renewing your insurance with your broker.

Youngs Insurance tips to consider when purchasing or renewing insurance

Ask your insurance broker what the policy DOES NOT cover:

This is also known as "exclusions" and every policy has. It is important to find out what they are when purchasing or renewing insurance, so that you have the knowledge if you must submit a claim.

You get what you pay for:

If you are shopping around looking for insurance it is essential that you make certain you are comparing “apples with apples.” Not all insurance policies are the same. It is common that there will be minor cost variations among companies, however, if one company is substantially less, be careful – the coverage may not be the same.

Don't cancel your policy by not paying your premium:

If you default on your payment, moving forward you will be considered a "risk" and could be subject to higher rates. If you want to cancel your insurance you must notify your broker in writing. 

It isn’t recommended to cancel your policy before it comes up for renewal, as there is often a penalty associated with this:

The penalty will depend on how many months are left on your policy when you cancel it, which is referred to as the short rate cancellation penalty. The more time remaining, the higher the penalty.

Develop a relationship with your insurance broker:

If you establish a relationship with your insurance broker they will have all of your current information on file. With this information at renewal time they will be able to better shop the markets for you – resulting in potential discounts. In addition, this will provide you with peace of mind knowing you have someone looking out for you.

Before you submit a claim speak with your insurance broker:

It is important to communicate these things with your insurance broker prior to submitting a claim, as they may suggest it is not worth you submitting that claim – potentially saving you money.

Review your insurance needs each year:

Throughout the year you may have made modifications to your property or your circumstances may have changed. Any changes or updates should be shared with your insurance broker as it may need to be reflected on your policy.

Never "omit" any details on your insurance application:

Omitting details on your insurance application could result in the cancellation of your policy for misrepresentation or a denied claim for non-disclosure. It is essential that you provide your insurance broker with all your claims and driving history, along with any and all pertinent information. For example if you have a home based office it is important you share this information with your broker, that way your broker can guarantee you are covered for issues that may arise.

Speak with your insurance broker for steps to prevent losses from occurring:

The more measures you take to protect yourself and your property, the less you will have to rely on your insurance. Your insurance broker is able to provide you with cost saving measures, such as installing a backwater valve – something that could prevent claims from occurring in the first place!

We hope the above tips assist you when you are renewing or purchasing your insurance!

When you are considering insurance or if your insurance is coming up for renewal, please contact Youngs Insurance Brokers for your no obligation quote! BE WISE!  

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