NEED TO FILE AN INSURANCE CLAIM?
DO NOT call your insurance carrier first.
From a tree falling on your property, to experiencing a house fire, or heaven forbid a severe car accident — the truth that is you are not in control of when your next claim may happen. Naturally, when you experience a horrible event, the first thought is to call your insurance carrier to see if you should file a claim. Despite the instinct, this isn’t always the best course of action.
In reality, your first call should be directly to your insurance agent. Your agent should have the experience, training, and expertise to advise you at the time of loss. Every claim is different, and depending on the exact circumstances, your agent can guide you towards the best decision. Sometimes this means filing a claim, and at other times it may be handling the damage out of pocket. The agent’s job is to help you think through your options by considering the long-term impact a claim might have on your insurance.
If this is your first claim, it shouldn’t significantly alter your future insurance coverage. However, if this is your second or third claim in the last few years, it could start to affect your pricing and eligibility.
Having the proper insurance is crucial. Not only will it save you money in the long run, but it can help maintain and preserve the lifestyle you are building. Most people do not think about insurance until it’s too late. An already horrible event can take a turn for the worse when your insurance doesn’t provide sufficient funds to cover your loss. There is a secret to avoiding this; the right advisor and their team of professionals can make sure you are properly prepared.
Every day, we see those commercials that claim they can, “save you 15% in 15 minutes” or that their policies are “so easy a caveman could do it”. What these commercials fail to mention is that they may look good on the front-end, but they almost always end up causing more pain on the back-end. The only reason they are able to save you money is because their contracts are typically missing important coverage you need to be fully protected. Additionally, when it’s time for guidance, assistance, and help, you are met with a toll-free service.
When a loss occurs and you only have an 1-800 number to call, your questions and concerns are filtered through customer service before assigning your file to an adjuster. This adjuster then decides if there is coverage based on the policy language, cause of loss, and your limits of coverage. If the loss is covered, the adjuster writes a check and tells the insured to get the damage fixed. This is where the real frustration can come in, as you may not have the resources to know which contractors or body shops to hire based on your specific needs of the claim.
Why it is bad to file a claim first?!
It’s not always the best idea to file a claim. If too many claims are filed on your home or auto, your rates could rapidly increase or, even worse, your policy could be non-renewed and considered “uninsurable” by your insurance carrier. This means you’re paying for everything out of pocket.
So, what is insurance really for?
Insurance is a wonderful piece of mind when issued properly. If your insurance policy aligns with your needs, experiencing a loss is not as painful or life altering. Insurance is there to help protect the losses you cannot financially replace yourself. While it is not comfortable for anyone to have to take money out of savings to fix something like a small back up of water in the basement, in the long run, that is usually better than filing a claim.
POWERS Insurance is there to protect you from life-changing catastrophes, while preserving your lifestyle through troubling times. It is not for minor bumps in the road. Whether you are experiencing a claim more often than you’d like or just once in a while, you will need an advisor like, Meaghan Dowd, to know what to take into consideration when creating your custom insurance plan. Working with a knowledgeable insurance advisor, like Meaghan, gives you the guidance you need while navigating through these tricky claim situations.
We understand your wealth in life. We know how to protect it. Call Meaghan Dowd at Powers Insurance First!