If you have just begun a new relationship with an insurance agent or are working with someone you have known for years, you need to know what questions to ask to ensure your agent can determine the best policy for your specific needs. This is true whether you are asking about personal, commercial or residential insurance matters. Therefore, keep the following questions in mind when you next meet with your insurance agent. Don’t go into this conversation blind, instead, educate yourself and be prepared with these thoughts:
Personal Insurance
The following questions pertain to personal insurance matters, meaning insurance that covers either your person, such as life insurance, or insurance for your home or automobiles:
- What is my deductible? This is obviously important as it is the amount of money you have to come up with in the event you have to file a claim. Usually, you will get the amount of compensation minus your deductible. So, knowing this amount is important.
- What is my premium? This is the cost of your policy. Premiums can be paid either, monthly, quarterly or yearly.
- Should I consider life insurance? There are many factors to consider when determining if life insurance is right for you. An insurance agent who knows the industry will be able to help you make the right decision. Also, during this discussion, ask if you should consider whole or term life insurance. These are the two most common options and both have their own advantages and disadvantages.
- Do I have enough homeowners' insurance coverage? Find out how much your home is worth and determine if you could have your home rebuilt for the amount it is currently insured for. If you aren’t sure if you have the right amount of coverage, ask your agent about this matter.
- Are there easy ways to save money on my policies? There are many ways you can possibly save money on your current policies, like bundling coverages or taking advantage of safe driver initiatives. Ask your agent about any savings you can take advantage of to reduce the cost of your premium.
Commercial Insurance
The following are questions to ask your agent when you inquire about commercial insurance matters:
- What type of insurance policy best fits my needs? This can be determined by what you need to cover. For example, do you need coverage for building, supplies, inventory, vehicles, workforce, etc.?
- What are the policy limits? Where do the coverage limits top out in terms of how much a policy will pay? This you need to know to ensure you have the right amount of coverage.
- What if anything does the policy not cover? Are there stipulations that would reduce your coverage? You need to know what these are, so you can avoid them. You also need to know if certain acts of God aren’t covered, like flooding for instance.
- How do I protect my property? Are security systems worthwhile? If so, what other protective actions could you take to further protect your commercial property from break-ins or weather-related damage?
- How and when do I submit a claim? If you ever have to utilize your insurance coverage you need to know how to go about submitting a claim.
- Are there any discounts available? Are there any discounts that you can take advantage of when it comes to commercial policies? If so, do they apply in your case, and how can they be implemented?
If You Have Questions, Just Ask!
If you have questions about any of your policies, lean on the professionals that is what we are here for, to answer any and all questions. At Arnold Insurance, we are committed to helping you find the right policies for your specific needs, no matter if your insurance needs are personal or commercial.
