Insurance is an important part of everyone’s lives; we either have to have it or need it. However, It can be a minefield in terms of what is on offer and making a decision on the correct policy to suit your particular requirements or circumstances can be a challenge.
Insurance is steeped in legal jargon; to be fair, it has to be in order to set out particular sets of circumstances relating to the item covered and to specify any exclusions. Not everyone has the time or the in-depth knowledge needed to identify and check the numerous products on the market for various types of insurance. That is why you need to identify and choose a good insurance broker.
Here are a few tips to guide you on that path:
- The starting point would be to, as clearly as possible, set out exactly what type of insurance you require. It is always best to write it down in as much detail as possible. For example, if you are looking for insurance cover for the contents of your house, you may wish to list the items that need to be covered and put specific costs on more valuable items such as Jewellery or electronical items.
- Look to choose an independent insurance agency who can cover those requirements. Armed with a list of exactly what you need to cover, you can then get the precise assistance that you require to help the insurance agent to guide you the correct policy.
- Think about possible future insurance needs. For example, you may be immediately looking for household insurance but could, perhaps, be in the market for auto insurance or pet insurance at some time in the future.
- Licencing is important. Each state has it’s own licencing requirements. Any insurance agent that you use will, or should have, an appropriate licence in place. This means that they will be obliged to stick to certain rules and standards when selling insurance products. It also means that you will have a course of redress if you run into any issues or are, in any way, mis-sold insurance products.
- A good positive indicator relating to insurance agencies is the range of companies with whom they deal. You would expect to see a goodly number of household recognisable names on their lists.
- It is a good idea to ask some questions about the agency that you are looking to engage with:
- What are their areas of expertise?
- Do they have a nationwide or state wide reach?
- How long have they been in business?
- Do they have any client references?
- You should also consider reviews – do look on trusted review sites.
- Personal recommendations can also be very useful but do bear in mind that these may not be based on the product that you are considering
- Find an agency that you can work with. Upon initial contact – are they helpful, friendly and approachable? It makes a difference.
Making the right choice is important because you are relying on these professionals to see that you are properly covered. Do look around and be prepared to walk if you do not like what you find.