Buying Insurance

Lesson 8: How To Be A Savvy Insurance Buyer

Claims

1.Much of what you can do to smooth the claim process happens before you have a claim. Buy the right kind and amount of insurance, with the right options and riders, from a knowledgeable agent in the first place.

2. Use common sense methods of claim prevention. That is, make minor home repairs before they become major sources of problems. Don't make a habit of driving 15 miles over the speed limit. If you have children, pets, a swimming pool or trampoline consult your agent about additional liability risks.The list goes on but you get the idea.

3. One of the best means of avoiding claims disputes is to have a video tape of your home, its contents room by room, and any outbuildings and equipment you may own. Digital camera pictures can work as well. The idea is that having visual images particularly closeups make like kind and quality decisions easier. Obviously, you will want that video tape or those picture stored somewhere other than your home.

4. Inquire about claims. Understand your obligations for timely reporting of claims and cooperation with the insurance company. Ask what happens if you and the insurance company have a major disagreement regardng the settlement of a claim. Regarding auto insurance, will the claim adjuster come to you , or will you be required to get your damaged auto to a claims center.

5. For a thoroughly detailed explanation of how to get what you deserve from the the claim process, see Hungelmann, chapters 13 and 14.

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