7 Insurance Details You May Not Know

Last week as we were looking up the funny insurance claims we shared with you, we came across this true story:

A woman sent a letter to her insurance agency requesting they cancel her husband’s life insurance policy. Her reason for canceling? Her husband had died and she was struggling to pay her bills.

At first, we found the story a bit comical. Imagine the relief that woman felt when she discovered not only could she stop paying the insurance premium, but she would be getting a nice chunk of cash to help her financially. Of course, after we stopped chuckling, we had to ask ourselves, “what does anyone really know about insurance?”

As you know, Hurricane Irene has left hundreds of thousands of people devastated. What if a natural disaster were to happen in Arizona? What if you had a loved one die? What if, what if, what if? So, we thought today might be a great time to share some must know insurance details with you.

Here are 10 important facts you may not be aware of:

  • There are two kinds of life insurance: term and whole life. Term life insurance includes a set premium payment and lasts a specific number of years. Whole life insurance is tied to your savings or investments.
  • Even if you are in a minor car accident and little to no damage was done to your vehicles or persons, call the police. You need a police report if you discover later that there was damage, or you need medical attention. Without a police report, most insurance companies cannot process claims.
  • Auto insurance prices are going to vary depending on which car you own. Before making a purchase, find out what your rate will be. It may affect how much car you can afford.
  • Most policies do not cover flood damage, and some policies won’t cover your electronics and jewelry replacements. But, those things can be added. Be sure to talk to your insurance agent about your specific needs.
  • Every state requires auto insurance.
  • Yes, you can be sued if someone gets injured on your property. However, you can get liability coverage to help protect you against such costs.
  • Your credit score affects your auto insurance premiums, so keep an eye on your credit.

Insurance can be tricky business. If there was something on this list you didn’t already know, then how do you know you’re getting the best insurance policy? Our insurance agents are always ready to help you review your options and find the policies that meet the needs of your families.

So, if you’re not sure, why not give us a call?

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