Jane remodeled her kitchen last year with brand-new appliances, a stunning backsplash, and high-end finishes. Excited to host some old friends coming to town, she forgot to update her insurance agent about these changes. A few months later, a kitchen fire caused major damage. When Jane filed her claim, she was upset to find out her insurance only covered the outdated value of her kitchen, leaving her with thousands in repair costs. It’s a tough lesson, but it’s a great reminder of what an important part the policyholder plays in securing the coverage.
Insurance is about protection. Whether it’s your home or car, the right personal coverage makes all the difference when the unexpected happens. However, choosing a policy is only the beginning. As a policyholder, taking an active role empowers you to make sure your insurance works for you. Learn how to take control of your coverage and avoid pitfalls down the road.
1. Provide Accurate and Updated Information
Your insurance coverage is only as good as the information you give. Full disclosure is crucial. A missed detail could mean your policy doesn’t fully cover damages or, worse, invalidates your entire coverage. This could be disastrous in the event of a significant claim, leaving you to bear the financial burden. To ensure proper coverage, it’s crucial to provide your insurance agent with timely updates so they can tailor your policy to your specific needs. Consider some common life events that affect your coverage:
Home renovations or improvements: Have you upgraded your roof or expanded your home with added square footage? Your homeowner’s insurance may need adjustments.
Vehicle purchases: Bought a new car or sold an old one? Ensure your auto policy reflects those updates.
Personal changes: Did your daughter pass her learner’s permit? Maybe you’ve started a home-based business? These changes can impact coverage.
2. Review Your Policy Regularly
Insurance isn’t a one-and-done deal. Life changes, and your policy will too. Take time to understand what is covered and what is not. Many people are unaware of exclusions or limits in their policies until it’s too late. Make it a habit to review your policy at least once a year or after major life events. Key areas to check include:
Coverage limits: Are the amounts still sufficient to protect your home, car, and other valuable assets? For example, rising home values may mean your homeowner’s insurance needs an update.
Deductibles: Are they still at a level you’re comfortable with? Higher deductibles mean lower premiums, but can you afford the potential out-of-pocket expense?
Exclusions: Are there items or events not covered by your policy that could pose a risk? Floods and hurricanes are common in Louisiana, but they require separate coverage.
Routine reviews allow you to spot potential coverage gaps before they become costly issues. If you’re unsure where to start, our team at Henry Insurance can walk you through it, explain any confusing aspects of your policy, and help you stay confident that your coverage is up to date.
3. Understand Your Responsibilities as a Policyholder
Filing an insurance claim isn’t something anyone looks forward to, but understanding your responsibilities as a policyholder can make the process smoother. After all, insurance is a partnership between you and your insurer. At Henry Insurance, we’ve got your back through the claims process, helping you stay on track and fully informed of all the requirements and responsibilities of your policy. Let’s review two key responsibilities of the policyholder:
Prevent Further Damage: When things go wrong, take immediate steps to prevent additional damage before the repairs can be made. Got a leaky roof after damage from a storm? Cover it up with a tarp to stop more water from seeping in. Failing to do so could result in the insurance company denying parts of your claim.
Report Claims Promptly: Delays in reporting a loss can complicate the claims process and even lead to a denial. Notify your agent as soon as possible to expedite the claims process and get the assistance you need.
4. Trust Your Agent to Help You Get the Right Coverage
Your insurance agent is your partner in protection. You rely on them to recommend the right coverage, and they rely on you to provide the accurate information needed to do so.
Every policyholder’s needs are unique, and customizing coverage is often necessary. Simply buying the cheapest policy may leave you underinsured. That’s why it’s so important to have open, honest conversations with your agent about your needs and concerns, so we can offer the best guidance on coverage options and ensure you have the policy you need.
For those in Baton Rouge, Louisiana, this can be especially important given local risks like flooding and working with a locally owned insurance agency ensures you’re properly prepared. That’s why our team at Henry Insurance is dedicated to helping you navigate the Louisiana insurance market and ensuring you have the coverage you need. Let’s work together to get the right protection.
Stay Protected with Henry Insurance
Insurance is a collaborative effort. Provide the right info, stay updated, and understand your role in the process. When you do, you’ll be ready with a plan when the unexpected hits. Plus, you’ll have the peace of mind that comes with knowing you’re fully protected.
Need assistance or want to review your policy? Contact Henry Insurance today for a comprehensive policy review. We’re dedicated to making sure you’re covered every step of the way.
