|  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.