Do You Know Who Insures Your Property?

It is important that you know who insures your property.  After receiving a call from a potential client recently, I realized this topic needs to be discussed.
 
There are times that we receive calls from individuals after they sustain damage to their property, and they want to know if they should file an insurance claim.
 
Sometimes they have already called the claim into the insurance company before knowing if there is coverage for the type of loss that has occurred.
 
Why It’s Important To Know Who Insures Your Property

During the call, I was told by the homeowner that she was insured with a certain insurance company. That carrier’s policy happens to cover the type of loss and damage she sustained. 
 
However, the insurance policy she had was expired, so I asked her to find the renewal copy. As she searched through her file, she did not find the renewal, and told me it automatically renewed and was included in her mortgage payment.
 
I asked her to look further because the carrier would have sent her the renewal.  It was also important to make sure she still had the same coverage for the property damage she sustained.
 
What she found was a new policy from another carrier. She was no longer insured with her original insurance company.
 
Unfortunately, her new policy excluded the cause of loss responsible for the damages. Her insurance agent, who should have known that there was no coverage, had filed the claim for her.
 
Does Your Insurance Agent Handle This?

We come across many individuals who have no idea who their insurance company is. Sometimes when we ask them, they give us the name of their insurance agent or agency.
 
A good insurance agent that provides customer service and has good communication skills, will always make sure you have a copy of your current policy and that you are aware of what is and is not covered in the policy.
 
 
Important Tips You Should Follow

• Keep your insurance policy and important papers in a waterproof bin, and also store them digitally for easy access.

 

• Never discard your original insurance policy when you receive your renewal. The renewal does not include the entire policy and will only be a few pages that highlight changes in your policy.

 

• If your policy is not going to renew, your insurance agent should contact you to review your policy and coverage options with other carriers.

 

• If you receive a new policy from another carrier without any communication from your insurance agent, you may wish to find a new insurance agent.

 
Can You Trust Your Insurance Agent?

In my recent blog “Good Insurance Agents and Bad Insurance Agents”, I focused on the importance of being aware of the distinctions between good agents and bad agents.
 
It’s important that you are proactive and research the agent and the agency they work for. Read their reviews, and seek recommendations from people you know and trust. 
 
Experience Matters

Handling insurance claims and dealing with insurance companies is what we do best. We know which insurance companies treat our clients fairly and those that do not.
 
If you have a new, underpaid or denied claim, we provide complimentary policy and claim reviews. Contact us today.