Do you really expect me to read my policy? Yes. It is important for every insured individual to review the Declarations Pages showing the description of the vehicles, property or items being insured by the policy. Reading through the policy is imperative for a better understanding of the covered perils, limitations, exclusions and your duties as an insured when a claim occurs.
As an insured, if I do not review my policy, I only have the information gained at the point of sale. How much time do we spend with an agent when purchasing insurance? How many questions do we ask? Too often, we make excuses: “I don’t have a lot of time, tell me what I need to know and how much this is going to cost me. Can we do this over the phone? Can you email it to me?” Then, as soon as a claim comes up: “I’m covered, right?”
See more: The Claim Game: What to Do When Your Insurance Claim Isn’t Covered
Agents ask common questions to determine needs along with underwriting questions to determine risk eligibility. Unfortunately, agents cannot read minds and do not have crystal balls, meaning communication by both parties is critical in determining the proper and best coverage.
So, how can you make sure you have the coverage you need? First, do not rush the point of sale. Allow time for explanation of the coverage provided, including perils insured against, limitations and exclusions. Ask questions. Read your policy and call your agent if you have additional questions. Communicate with your agent anytime items are purchased or sold, or when building, additions or renovations are done, as there are business/commercial exposures and greater liability risks. Needs will change over time, so schedule periodic insurance reviews with your agent.
No insurance policy covers everything; they all have limitations and exclusions. So, take the time to read your policy to get a better understanding of your coverage. If you still have questions, reach out to your local Farm Bureau agent for answers.
– Allan Williams
