Hayek Insurance Blog
It is smart to be practical in buying any product. Despite the irresistible ads, we as buyers should be meticulous in choosing the best quality in the market. A similar concept applies to choose policy insurance.
It is not necessary to learn all these things alone though. It is still advisable to keep yourself connected with your agent to get the advice you need as a client.
However, understanding the craft and being open to alternatives is more strategic than relying on one source of information.
Insurance policies or contracts are created unique, targeting the current needs and priorities for each individual. By the time those needs have changed, the policy scope must be modified as well.
For example, because no one knows when and where disasters will happen, it is best to be prepared. Probably the flooding may have not been common in your neighborhood two years ago. However, it is getting very prevalent even in areas that are not flood-prone. Insurance would give you protection from this emergency. Therefore, you may consider getting this added as your rider if possible.
Fluctuating Market Values
Rates are calculated based on the replacement cost value or actual amount at the present time. These prices may change after a year or two. In general, properties like real estate appreciates its market price more than depreciating. This means that the price is higher or the policy would be more expensive for you.
It is not necessary to change your policy due to this reason. Switching may not be the right thing to do at this time. However, it is advantageous to keep yourself informed on how much your property is being priced in the market currently. With this, you will be in the best position to decide whether to switch to another insurance company or not.
Number Of Claims
Yes. The reason why you got the insurance was to reap its benefits at the moment you need them. However, claiming the insurance for more than once would make it harder for you to switch to another insurance company. Also, it will be harder for you to renew or add more riders to your policy in the future.
This seldom happens, but it is better to ask your agent to know more about the company's tolerance. Some companies are offering a rider for multiple claims.
This will allow you to claim several times and it will not hurt your records.
After all, having insurance is a sure-fire way of securing your investments effortlessly. We must always pursue the rightful value for our hard-earned money.
At Hayek Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (805) 496-8835. Get your free quote today by CLICKING HERE.