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Knowing what to do and what your insurance covers before a calamity can give you peace of mind. Here are ten fascinating facts you didn’t know about your insurance plan.
Your Home Insurance Covers Damages Caused by Unidentified Objects
You probably know that home insurance can protect you against fire. But did you know it does protect you from volcanoes and meteor disasters? Yes, it covers even burning debris expelled from fireworks. Ensure you understand the policy well, or talk with your agent to find out what your insurance covers. Knowing the insurance policy will help you decide whether to add another coverage, like earthquakes, floods, etc.
Your Credit Score Can Influence Your Insurance Plan
Like mortgage interest rates, credit scores can drastically affect insurance plans. Having a good credit score can result in lower rates. On the other hand, those with poor credit scores are more likely to double premiums every year. Thus, it is essential to improve your credit score.
Many Home Insurance Covers Limit Certain Dog Breeds
According to the Centers for Disease Control and Prevention, over 4.5 million people are bitten by dogs yearly, with children at higher risk. About 20% of those bitten require medical attention. Many home insurance plans prohibit some breeds because they can potentially cause severe health problems. Dogs limited include mastiffs, Alaskan, Akitas, Rottweilers, and malamutes. However, you can pay additional costs to cover your dog if necessary.
Car Insurance Plans for Male Teenagers are Costly
Insurance for a male teenager added to the existing policy can cost more than an adult driver. The cost even costs much more for a teen who purchases their new policy. Teens have twice as many accidents than older people.
You Can Change Your Life Insurance Plan
Maybe your parents bought you a life insurance policy when you were a little kid. Or, have term insurance from when you first bought your home, your family has grown and you’re worried about how to pay for everyone’s higher education expenses. The good news is you can change the insurance plan to cater to your overall cost of living.
Your Insurance Plan Can Cover Drone Damages
Your home insurance policy can protect you from damages caused by your flying objects. For instance, if your drone crashes your neighbor’s property causing significant damages, your insurance can still cover you. It will also cover court fees if your neighbor claims you infringe on their privacy rights.
An Insurance Can Cover Spoiled Food
Your insurance agent won’t compensate the money you wasted because you forgot food in the fridge. But it will compensate you if you experience a power outage. But delaying paying your bills is not a legitimate cause to claim compensation.
An Insurance Policy Cannot Only Be In The Name of the Individual Buying It
Any individual with a regular source of income can buy insurance, either using their name or in the name of their children and spouses. Reputable companies like Concord Group Insurance even offer a joint policy to protect both spouses under a single policy. Parents can also buy children plans to safeguard their future needs. However, they will later change their names after attaining 18 years.
Claiming Settlement Is Easy and No Company Can Hold a Portion Back
Every company’s primary goal is to pay claims filed under legitimate insurance plans. It is crucial to remember that the insurance policy is an agreement of utmost good faith. The policy’s reliability depends entirely on the accuracy of the client’s information. Additionally, the coverage can’t be active unless your plan is paid regularly. Insurance coverage includes policies such as death, accident, and illness.
More Than 50% of Insured Americans Rely on Group Insurance
Statistics show that half of insured Americans relying on group insurance has kept growing in the past couple of years. Group insurance offers plenty of benefits to both employers and employees. One of them is reduced costs. Also, group insurance allows qualified smaller businesses to join.
Conclusion
Catastrophes like hail, tornadoes, hurricanes, and kitchen fires are unpredictable. The same goes for illness and more doctor visits. Thus knowing the above facts is crucial when analyzing the demand for insurance. And of course, it is important to speak with a professional to help determine the right insurance for you.