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Avoiding Risks When Protecting Your Assets

Protect Your Assets…

Identify your insurable assets. We all recognize the obvious items, such as your home, automobile, business, health and life insurance. Do not forget your boat, the vacant lot on which you will build your “dream home”, or the funding for your children’s education.

Schedule an annual insurance check-up. Schedule a yearly insurance check-up with you agent or insurance carrier to review every policy you have and to look for areas of too much or too little coverage. In general, you should review your coverage every 12 months or whenever there is a major change in your life (new car, new home, birth, job change, etc). At every insurance check-up, do not be afraid to ask lots of questions and take lots of notes. Keep the notes.

Ask your insurance provider about discounts. Depending on the kind of insurance you’re considering, there are a number of ways to reduce the cost of coverage, such as healthy living, a good driving record, good grades, etc. Some discounts can include:

  • Multiple policy – some insurers offer discounts if you have two or more policies with them. For instance, if you already have a homeowners policy with an insurer, find out if there is a discount on an auto policy.
  • Higher deductibles – Be sure to ask your insurance agent about the pros and cons of higher deductibles, which can generally mean a lower premium.
  • Advantageous insurance score – a higher insurance score translates into premium discounts with some insurance companies.

At the same time, beware of discounts. You have seen the commercials: “Call now and save 15% or more on your car insurance!” Unfortunately, when someone is selling substandard coverage or service, the only marketing ploy is price. So their advertising campaign leads consumers to believe that the only difference between insurance companies is price.

Honesty is the best policy. Provide accurate and complete information to your insurance agent and on an insurance application to avoid problems later. Premium quotations are based on the information your provide, and your policy could be declared void if information is misrepresented. Errors and omissions can lead to higher premiums or coverage cancellation.

Read your policy carefully! Regardless of the insurer or agent you choose, remember an insurance policy is a legal document. Read the policy application thoroughly before signing it, never sign a blank form and, when you receive your policy, read it completely and carefully. Ask your agent about anything that is not clear to avoid future misunderstandings,

Work with agents and carriers you trust. You should always be treated as a person, not an insurance policy. Quality service, a broad choice of products and valuable advocacy are as important as competitive pricing. If you do not have this relationship with your present carrier or agent, look for a new insurance provider.

Do your research. Modern communications provides many sources of information for the insurance consumer. One of the most important is the Nevada Division of Insurance. Every agent, company and claims adjuster must be licensed and/or approved by this regulatory authority. Check their status with the Insurance Division. Also, find out if your agent or company has a website and, if so, review that information source.

Need more info? For additional help with insurance in Nevada, call 1-888-467-4195.
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