January 04, 2007
Do You Know Your Policy?
I know this is one insurance premium we really don’t want to claim. I mean, who’d like to lose their home? But if and when such an eventuality happens, we must be prepared for it and know how to go about the process. Most people make a few common mistakes, which if you avoid, will enable you to get your insurance money faster.
One of the first things to do after you’ve taken a policy is to READ IT. Most homeowners just stuff their policy into a drawer or some place safe without reading even one line of it. That’s a very big mistake. Only when you read your policy carefully, will you know if you have the coverage you need and that you’ve got value for money.
If you feel your insurance provider is charging you too much for the policy, ask an independent broker for help. S/he will be able to help you compare policies and tell you if you’ve got a decent deal. Remember, you may not be able to save much on the cost of the policy when you change providers. What you must check for is the level of service a company offers. That is what will stand you in good stead if you ever need to claim.
Next: Record the contents of your home. Keep the receipts for expensive items. And very important, check if your valuables like jewelry, antiques, etc are covered in the policy. If not, then get these items scheduled onto your policy specifically.
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