Photo by Drew Hays on Unsplash
We might not celebrate with parades or parties. However, this year’s Insurance Awareness Day on June 28 should serve as an important reminder. It’s important to educate yourself on the variety of insurance plans and coverage options available to individuals, small businesses, and large organizations.
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A good awareness of how these different insurance policies work and leveraging that knowledge to inform your decisions can help you save money. Moreover, you’ll be ensuring you’re receiving the best care for your specific needs. This is especially important in these uncertain times. Below are overviews of five different insurance types. Also, you’ll find tips on how to get the best deal for each of them.
Health Insurance Awareness: Compare Your Options with Experts
Many individuals are aware of the plans they can leverage for health insurance. For example, they might get their health insurance through an employer, or through an independent or government agency.
That said, it can be difficult and confusing to navigate between the variety of offerings you have. Of course, you strive to pick the best insurance to match both your budget and your health needs. Add to that the unique circumstances of the past few months, when individuals have lost jobs and thus potentially their health insurance coverage.
If you’re not aware of where to get started with finding health insurance, or you need extra support, there are multiple resources at your disposal. For example, HealthMarkets recently launched a first-of-its-kind online and offline shopping experience. This resource can support you in finding health insurance coverage options. Additionally, it also provides free, unbiased counsel.
Their expertise extends beyond their own policies. Therefore, they are able to help individuals find coverage regardless of their unemployment status or their previous loss of coverage. This kind of resource, coupled with personal research leading to new awareness, can help individuals find replacement insurance or improve their existing plans.
Additionally, working with a licensed, unbiased agent who can answer your questions and help you navigate the many options available can be of great help.
Auto Insurance Awareness: Understand Refunds During COVID
In wake of the COVID-19 pandemic, many auto insurance companies are aware that many individuals are working from home, or they’re unemployed and are staying off the road. Therefore, they have been helping consumers by giving back a percentage of premiums. In a recent report from the Insurance Information Institute, insurers have announced refunds and credits totaling $8.1 billion. Further, they estimate the final total will be around $10.5 billion.
To find out if your auto insurance provider is rolling out any of these programs, call and confirm with your agent. More often than not, these credits or discounts are directly applied to your account. Your policy may have already been adjusted.
However, if you realize your insurer is not offering these benefits, consumer advocates recommend that you reach out directly to the company. You should feel empowered to have these conversations, as many companies are actively focusing on client retention right now.
Property Insurance: Differentiate Between Homeowner and Rental Policies
Whether you’ve recently purchased a home or are renting your space, having insurance is an important way to ensure you can repair or replace unforeseen damage. The simple awareness that you have a homeowner or rental insurance policy can give you peace-of-mind.
To explain your options, here’s a quick breakdown of each insurance type:
- Renters Insurance: “If my landlord has insurance, I shouldn’t need my own coverage, right?” Wrong. Think of it this way: The landlord only owns the building you live in. He or she does not own your furniture, clothes, or other belongings. Their insurance only covers their assets. If you want to make sure your items are covered in an accident, make sure you purchase your own renter’s insurance policy.
- Homeowners Insurance: This insurance is far more than a luxury. It’s a necessity when it comes to protecting your home and possessions against damage or theft. Even if you don’t have a mortgage, invest in a policy for liability coverage. Homeowners insurance standard policies typically have six different types of coverage. Depending on your property, you’ll want one or a combination of these options.
Pet Insurance: Purchase Coverage for Your Furry Family Members
Are you one of the many Americans who adopted a friendly, furry face during quarantine for COVID-19? According to the data, you’re not alone. A recent statement from Petfinder, a nationwide pet adoption service, noted that adoption website traffic increased 43 percent. Adoption inquiries jumped 116 percent in March 2020 alone. And these numbers are only increasing.
Are you aware there’s insurance for pets, too? There is a variety of pet insurance plans to help you prepare for the cost of standard health or emergency visits to the veterinarian. While you might recognize some of the vocabulary in these plans from your own personal health insurance, you’ll need to research how they differ.
For example, there are accident-only coverage plans, as well as wellness, time-only, maximum benefit, and lifetime insurance. Be sure to look for coverage that complements your pet’s age, medical history, and ongoing needs.
Life Insurance Awareness: Find Policies with the Best Protection
Ensuring that children, other family members, or named beneficiaries are taken care of in the instance of death can often feel like a daunting task. However, taking out a life insurance policy, regardless of one’s current health or wellness, is a way to guarantee that those you love will be able to support themselves.
There are three main components you should be aware of before investing your money in life insurance: death benefits, premiums, and cash value. When it’s time to find the right policy, here are three essential tips to consider:
- Take advantage of the “free look” or policy adjustment period.
- Enhance your policy with policy riders (endorsements).
- Compare plans, even if you think you’ve found the right one.
Be aware of your options when you shop for any kind of insurance. This will make it possible for you to find exactly the right policy for you.