Deciphering your insurance policy

Understanding and reviewing your insurance contract is important. As an insured, it’s essential to have a clear grasp of how your insurance policies work and what they contain.

Important policy items

Whether you’re purchasing personal or business insurance, there are several key reasons why understanding your policy is necessary:

Key Dates

As a policyholder, it’s your responsibility to know the important dates related to your policy. One critical date to track is when your policy expires. . This is good to know as it allows you to cancel your insurance policy on or before this date, if you wish, or renew your insurance policy, if your provider allows it. Additionally, it helps you update your documents and personal files to reflect your current insurance policies. Your policy will also list the maximum time frame for filing a claim after an incident. Missing these vital dates and timelines could lead to complications.

Payment Schedule

Review your payment schedule to ensure it suits your financial situation. Members may be eligible for no service or interest charges on monthly payment plans. Missing a payment can happen, but it may affect your coverage. Always ensure you have funds available when your premium is due. Contact your advisor if you need assistance or to discuss your options.

Deductible

Your deductible is the amount you’ll need to pay if you make a claim. Increasing the deductible can reduce your premium, but carefully consider if you can afford to pay the deductible out-of-pocket when needed. Discuss various deductible options with your advisor to understand their impact on your premium.

Definitions Section

Your policy includes a definitions section to help you understand insurance terminology. This section provides clear explanations for complex industry jargon, aiding in understanding the rest of your policy and what is covered.

Coverage

Your policy will confirm your coverages and what it can protect you against. It also details exclusions, explaining the risks or instances not covered by your insurance provider.

Changes

Understanding your policy helps you track any changes to your coverage. Many types of insurance coverages are optional, allowing policyholders to add or remove them as needed. In addition, policyholders can change their deductibles or coverage limits. Regularly reviewing your policy ensures you’re aware of how changes impact your premium.

Lienholder or Mortgage

Confirm the lienholder or mortgage company listed on your auto or home insurance is correct. If your home mortgage is paid off, you may qualify for a discount.

Contact Us

If you have questions about your policy or need specific coverage that isn’t listed, contact a Deeks Insurance advisor. They can explain your policy step by step, ensuring you understand all details and have the right coverage you need.