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Navigating Your Insurance Policy
When you received your latest insurance policy, did you immediately tuck it away into a file and hope you never needed to give it another thought? If so, you're certainly not alone. Scrutinizing an insurance policy doesn't top the list of fun things to do. But what's worse is thinking your policy covers something it doesn't and having a rude awakening when filing a claim.
Whenever you begin or renew a policy is the best time to go through your paperwork. This is particularly important if you are insured with a company you haven't had a relationship with before. It's crucial to be familiar with your rights and responsibilities under the new contract.
Here are a few things to keep in mind as you examine your policy:
- Your Declarations Page is the first stop.
It summarizes your coverage and limits and gives an overview of what's contained in your policy. - Only your policy gives you the full picture.
In a claim situation, the adjustor will use the policy language to determine precisely what's covered. So be familiar with any exclusions or special considerations to avoid surprises. Each company words its endorsements differently, so what was included with one may be excluded with another. - Don't assume that last year's coverage will be right for this year.
Your vehicle's value, your lifestyle, and your coverage needs do change. Don't renew without talking to us about updating your policy. For example, if you change your travel plans from a couple of weekends each month to several month-long trips each year, your coverage should change with your schedule. - No two insurance companies are alike.
Each company uses different factors to determine your premium. Some consider you a full-timer if you don't own a home, while others base your full-timer status on how much time you spend in your RV. Make sure you're estimating your time on the road as accurately as possible and that your insurance company is aware of this; otherwise, you may find yourself missing some crucial coverage. - There are no stupid questions. Insurance language can be downright confusing.
Don't hesitate to contact us if your policy is unclear. We're happy to help you figure out precisely what you have and match that with what you need.