Insurance & Insurance Pitfalls
Understanding Insurance and Insurance Pitfalls
At Martin Insurance Consultants, we work hard to understand your individual circumstances so that we can better protect your interests. By keeping you aware of insurance issues that may affect you, we are better able to serve you. We are happy to answer any questions that are important to you.
It is very important to understand that insurance policies are contracts between you and the insurance provider, and that there are four parts to this contract:
Who is insured
What is insured
Perils that are insured against
Exclusions and exceptions
Briefly, the “who” and “what” are pretty self-explanatory, but need to be understood. The last two items above need more careful consideration. Reading the perils section tells you generally what is covered by your insurance, like accidents, but the exclusions section removes certain aspects of that coverage.
For example, your home owner’s policy will tell you that your trees are covered against falling over, but then excludes coverage if the wind blows them over. The good news is that you can call us for an explanation of the exclusions because we represent you, not the insurance company.
When it comes to insurance, what you don’t know can hurt you, and people commonly make mistakes because they do not understand what they have agreed to. One of the most common mistakes is trying to save money by not telling the whole story.
For example, people commonly neglect to list young drivers living at home on their policy. They believe their car is covered in an accident regardless of who is driving, but that is not necessarily the case. If an unlisted driver causes an accident, the policy holders could find themselves responsible for the full cost of the accident, without any insurance coverage.
The same is true for people who do not disclose trampolines, swimming pools or dogs on their property. They may find that their insurance will not pay due to their failure to disclose all.
Watch this space for more common pitfalls.
One size does not fit all
Since every situation is unique, your insurance portfolio should consist of a unique blend of coverages, limits, deductibles, and premiums. With our individualized approach, you receive a portfolio as unique as you.
There when you need us
Rest assured that when you have a claim, you are not alone. Not only do we counsel you about your claim, we are also your advocates. Request your free, no obligation insurance review today!
We write insurance in Arizona, California, Colorado, Illinois, New Mexico, Nevada, Utah, and Washington.