Filing a claim – If you experience a loss covered by your policy, you can file a claim with the insurance company. This can be done by phone or, increasingly, online. Insurance companies may offer several options for submitting and disputing claims, such as an internal appeals process or an ombudsman that’s on staff.
In some cases, the insurance company may even be willing to negotiate a settlement with you or a third party. Regardless of what happens, filing a claim can cause a substantial increase in future premiums. To avoid this, you should be aware of the insurer’s rates before you decide to file a claim.
This way, you can make the decision to save money by avoiding claims if the loss is minor. If the loss is catastrophic, however, a claim can be an economic necessity.
Renewing a policy
It’s important to review your insurance policy before renewing it. A review can ensure that the policy meets your needs and that the renewal price is fair. The best time to begin this review is around a month before the policy expires. This allows your broker ample time to secure renewal quotes from other insurers and provide you with valuable benchmarking data.
In some cases, your insurer may choose not to renew your policy, but this is rare and usually has nothing to do with you personally. Nonrenewal can be due to market conditions or a specific action that dramatically increases the insurer’s risk.
Besides making sure that your insurance policy is up to date, you should also check whether your payment method is still valid. If it isn’t, this could cause problems when you come to renew your policy. In addition, it’s a good idea to update your contact information before your renewal. This can prevent delays in processing your policy or other issues.
