4 common myths about insurance
Posted by Patrick Baggett at September 3rd, 2013
Do your homework when buying insurance.
You study safety and performance ratings before buying a car.
You have your prospective home professionally inspected from basement to roof.
You read labels and select the best foods for your family’s table.
Why should insurance purchases be any different?
Yet even the most conscientious consumer may balk at the complexity of this purchase and just take a shot in the dark, by going with a company whose name sounds familiar.
Shine some light on the subject as you search for the best insurance for your needs by examining these myths about insurance.
Myth #1: All insurance companies are basically alike.
Truth #1: Insurance companies vary in the financial strength that backs your policy, assuring they can meet their obligations to pay claims. Look for an insurer that is financially strong and consistently qualifies for a high financial strength rating from A.M. Best Co., an independent provider of insurer ratings.
Find a local independent agent who lives in your community. An independent agent has a long-term stake in protecting you by following through to your satisfaction.
Myth #2: All insurance policies provide the same coverage.
Truth #2: While many insurance policies contain similar coverages, each company provides unique policy conditions and limitations. Policies that look …read more