This post was written by Pat Long, the insurance agency Eldredge & Lumpkin
There have been more one occasion, when a customer called or visited to report a loss, and I had to tell them that they are not covered. Speak in a very uncomfortable discussion
Insurance is an intangible !; you do not need until you need them. You pay the premiums, sometimes high premiums. And often, never use the coverage. So when you have a claim under the insurance, auto, liability or compensation from the owner of worker you want it covered, right? So why some applications are not covered by insurance?
Policies contracts
An insurance policy is a legal contract between you, the insured and the insurance company. You sign the application and pay the premium and the insurance company sends you a policy. All policies that define the insured, and they say that the company is willing to cover. But sometimes the coverage and demand do not match.
Exclusions
They are specifically noted perils that the company will not cover. For example, some homeowners policies exclude coverage for flood damage. Many people in Louisiana did not understand that when Hurricane Katrina struck. You can buy a separate flood policy, but flood damage is not covered by basic homeowner's policy.
conditions
These are the general rules or procedures the insurer and the insured agree to follow, under the Agreement. When you sign the application and pay the premium, you accept these conditions. For example, did you know that you have homework after a loss? To claim a loss, you must promptly notify the insurance company or agent; certain policies have specific reporting deadlines. If you have a flight coverage, you are required to inform the police. If a tree falls on your house and opens a hole in the roof, you need to protect property against further damage and make reasonable and necessary repairs to protect property. Most policies require you to cooperate with investigations and settlements. If you do not meet these conditions, the insurance company may refuse the application.
So what is the best way to ensure that you are properly covered? Just think about what is important to you :?
- you worry about the cost of health care when you get older Do
- Are you concerned about your 16 year old son or daughter driving
- Have you inherited a legacy and want to pass on to your family?
- do you have an old house with systems that no longer meet state requirements?
- As a business person, you have just signed a contract to build three other houses?
- you have an office in your home?
Ask your insurance agent how best to cover what is important to you. Take a proactive approach to insurance can avoid discomfort from discussion "you are not covered."
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