A blog about things you should know before buying insurance.

Getting an insurance quote is much easier than buying it, as I am an insurance professional. Choosing the right type of insurance depends on several factors. Make sure that you understand both your needs and goals, as well as the products that are right for you. Here are some important things to know before buying insurance!

Know your risk:

Are you sure you’re ready to buy insurance? Have a look through this informative list of things you should know before buying insurance!

Know what you can afford:

You need to know exactly what type of insurance you’re buying before shopping around. This can be tricky because the definition of insurance varies between jurisdictions, but there are some key features that make up a standard home or auto policy.

Understand the policy limits:

You’ll want to make sure you know how much coverage you need in order to avoid any gaps in coverage when it comes time to file a claim—and also how much the premium will cost per month. This can vary widely depending on where you live and what kind of car or house you own, so it's important to know not only what your current provider offers, but also where else you might find a better deal. 

Make sure it covers your house or apartment:

There are so many ways to find the right insurance coverage, but how do you know which ones are most important? How can you be sure that the information you’ll get is accurate and up-to-date? What’s involved in getting a quote from an insurance company?

Know your deductible and what happens if it’s already reached:

You’ll need to know what kinds of coverage are available for your situation, as well as how much each option will cost. Ensure that any discounts or subsidies are included in the last price.

Don’t delay! Get insurance now!

As with anything else in life, it helps to have some idea of how things work before diving in head-first. The insurance industry is no exception! There may be some paperwork involved or other steps that need to be taken before signing up—have some idea of what they’re before starting! 

Check the fine print carefully, especially the exclusions:

You need to know exactly what type of insurance you’re buying before shopping around. This can be tricky because the definition of insurance varies between jurisdictions, but there are some key features that make up a standard home or auto policy. These include:

-Your deductible

-The amount you pay out per claim

-The claims covered (medical vs. accident)

-The type of coverage you have (liability vs. collision)

Conclusion

Purchasing insurance is really no different from buying anything else—you need to be smart about it. Be sure to read the fine print and understand what you’re purchasing. Understand not only your short-term needs but also what your financial goals are in the long term. Ask yourself questions about your unique situation, such as how much should an emergency fund be? What types of financial risk do I need to protect against? What does a comfortable retirement look like to me? We highly recommend working with an insurance agent that you trust and getting customised answers that fit your specific needs. It’s certainly a good idea to do some research on your own too!