The major features people should focus on when buying an insurance policy

The major features people should focus on when buying an insurance policy

If you’re in the market for insurance then chances are that you’re planning to purchase a policy for the following: comprehensive car insurance, business insurance, home insurance, motorcycle insurance, public liability insurance, third party car insurance, or landlord insurance.

Things to consider when you’re shopping for the best rate small business insurance are what you’re covered for. That might sound like an obvious part of the process but often it’s overlooked. Just because you believe that your current insurance policy should cover you for things like property damage on your business premises, doesn’t mean that it’s actually covered. Check what you can claim for and adjust if necessary. Don’t wait for nasty surprises.

If you have a house insurance policy then what type is it? Is it basic coverage? It is premium coverage? What happens if you accidently blow up the kitchen? It might sound like a ridiculous scenario, and perhaps your home accidents are little less dire, but the fact that you could be looking at unavoidable kitchen remodelling instead of a small excess fee, could make the difference between financially stable and struggling.

Standout features that you should be checking on your current policy or any new ones that you’re thinking of purchasing include:

  • Type of coverage – what’s covered and what’s not
  • Cost of the policy and whether you can pay monthly or whether you stand to make big savings paying upfront
  • Terms and conditions for claiming – sometimes there are specific time frames which apply to covered items
  • Claim approval and reimbursement time – how long until you can start fixing that kitchen?
  • Customer support accessibility – can you start your claim for a car accident immediately or do you have to wait for standard trading hours?

Make a list of what you’re looking for and then go out and get it. Try not to settle for the easy option because sometimes that just the harder one, only a longer journey and you can’t see the destination yet.

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