This is one of the most common questions I get from homeowners. I have a tendency to answer it in the form of a question, which is why I wanted to write this article.
The big idea here is that homeowners do things for themselves, or at least they should. If you own a home you should do things for yourself, and it’s not always easy to do this. The reality is that many companies will only insure their own products, leaving homeowners to buy products that are the result of a sale. However, the concept of insurance is to protect people who can’t pay the bill. However, that isn’t what homeowners should be buying.
I am a homeowner and I would like to tell you what I do to help myself. I write an insurance policy for my entire family. I purchase life insurance on myself, and in the event that I am incapacitated, I purchase a disability policy. My parents own a home and they are aware of my health issues. I am aware of my insurance company, but my health insurance is handled by the local health care provider.
I don’t want to be that person who just walks into a store and buys all the insurance they need, then runs out of the store because they can read their policy. I want to be able to talk to a real person, who has had those problems themselves, and figure out the best solution for me. The reality is that there are multiple insurance companies, and there are lots of people who are not aware of their insurance companies.
Insurance companies can provide insurance at both the insured and the uninsured level. Insurance companies don’t have to be the same company in every state. So they can’t force you to buy one plan that is more expensive than another plan that is available, they can only force you to buy a plan that is more expensive (or less expensive) than another plan.
It seems that this is a common issue with people who have to take out multiple plans. People who dont know this typically have a variety of insurance plans, each with their own coverage, payment terms, and deductibles. Sometimes they purchase insurance through the same company they are currently insured for, but thats not always the case. Then there are people who have multiple plans in different states, and they dont know this, so they end up not being able to compare coverage and premiums.
We recently went through the same issue with our own parents. The policy we had was from the same company in our home state, but they had a new policy in another state. The insurance company sent us a copy of the new policy, but they didnt send us the original policy. We did find out that the policy we had was cancelled due to an issue with the previous policy.
If these companies dont know which policy was in their database, or when they made changes, who can you trust? The only reason youre gonna be in this situation is if youre lying to your insurance company.
The insurance company is gonna make sure you’re 100% covered by what you agree to. It’s not going to be your fault if you get covered for something that didnt even happen. As a result, you can’t make this mistake unless you’ve been lied to or you don’t even know.