Do you read your policy?

Discussion in Home & Property Insurance started by dissn_it • Apr 12, 2012.

  1. dissn_it

    dissn_itActive Member

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    I used to work for an insurance agent who said they were always surprised by how many people actually never read their homeowners policy. How do you know if you have the right coverage if you never read it? In some cases, any changes or additions to your home may not be covered unless you get an endorsement. If you do any renovations or add a shed for storage, you may want to check with your agent to be sure you have the right coverages. We have had renovations and sheds damaged in storms that were not covered because the agent was not aware they were even there! The best time to review your policy is when you receive it and ask your agent any questions right away. You should also go over it again, at least once a year, right before the renewal in case any changes need to be made.
    When was the last time you actually read your homeowner's policy?
     
  2. Randomhero

    RandomheroMember

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    I read it over a few times and understood it, I dont re read it to remind myself though.
     
  3. Pat

    PatWell-Known Member

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    I work as a public adjuster, I help people who do not understand what the homeowner's policy covers. You are so right so many people do not read their policy or understand what it says in english.

    Any changes to your home or contents of value should be reported to your insurance agent. You should also understand the meaning of words used in the policy. An example is flood vs acidential discharge of water. Using the word flood when you call your insurance company can void your coverage, where as the accidential discharge of water if you have the right coverage would be covered.

    If you have a public aduster in your area you can get a few review of your policy by an unbiased person.
     
  4. wodrock

    wodrockNew Member

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    I actually work as an insurance broker and a lot of people decline the offer for home insurance because of the fact that they have no idea what it includes/are too ignorant to listen up.The ones that actually agree for the policy, usually are not aware of all the risks they are covering. I guess people just don't care much in overall.
     
  5. dissn_it

    dissn_itActive Member

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    LOL, they always seem to care after they have a loss! Then they are surprised that they didn't have the right coverages.
     
  6. dexterlablab1

    dexterlablab1Active Member

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    There was a time that I didn't bother to read policies. But trust me, it pays off to actually read all that stuff. When it comes to policies, agreements, terms and services, etc, it may seem tedious and silly, but for YOUR benefit, read them. Either that or face possibly dire consequences that could have otherwise been avoided.
     
  7. Some1else0

    Some1else0Member

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    I usually just skim through them.

    I don't usually pay enough attention to them as I skim through them, so I forget a lot of it, but it's nice to know a little bit and know that I read it.
     
  8. dexterlablab1

    dexterlablab1Active Member

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    The problem is there are times when people simply DON'T read that stuff. Even when they know they should. Like on job applications for example.
     
  9. trishgl

    trishglActive Member

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    I did not at the time and ended up paying twice the regular rate for add ons I did not need. My advice is to do your research and don't blindly trust your insurance agent. Also make it a point to read the fine print :)
     
  10. Sandra Piddock

    Sandra PiddockExpert

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    I always ask the agent to explain what is covered and what is not, then read the full policy when I have it. If there is anything I don't like, I'll take issue with the company, because there is a 'breathing space' where you can cancel the policy and get a refund. The best plan is to ask questions when you set up the policy - don't be seduced by the bottom line into taking out a policy that doesn't give you adequate cover.
     
  11. schomeearnings

    schomeearningsBanned

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    I use to be the one that did not read over anything, but as I gotten older I started to care about the things I purchased and what were the benefits and advantages if something was to happen. What changed me into wanting to read everything was because I started working for Pre-Paid Legal and I saw how much money I was losing out on or giving up, so I started reading things and researching. If I saw something I did not understand I would send it over to them they would help me understand what was covered and if they say any savings they would grant me that too! I think people should be aware of what they are signing or getting themselves into so you should always read, read, read, and understand.
     
  12. deansaliba

    deansalibaActive Member

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    I think this is true. My mum took out two life insurance policies for my dad and my nan in the 1980s and when my nan died two years ago my mum didn't even receive half of the money she paid in, which did not even cover a quarter of the funeral. She wanted to cancel my dad's policy but then discovered she would lose everything she paid in.
     
  13. pafjlh

    pafjlhActive Member

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    This is a very good question, and I think that many of us might be guilty of not reading the policy at least not all the way through. Sometimes we take for granted what will be there because of what was outlined when we buy the policy. We could also have read it and knew what was in it when we first bought it, but that could be several years back, so now we don't remember what was covered and what wash't. So another good question is have your read it and do you reread it in five years time to refresh yourself on what inside. I could be guilty of not reading my policy, lets face it these are very long and can have a whole lot of wording in them that sound a bit over our heads at times. What I have done is scan through for stuff I understand about what is covered. Yes, I am no doubt not getting the full gist of what is being said, but as I said this can be time consuming to sit down and read all the way through.
     
  14. mrsgeedee

    mrsgeedeeActive Member

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    I do read my insurance policy (I just read the renewal that was sent yesterday) and whatever policies and contracts I got like for loans, work, etc. It's always good to know and it's always for my benefit.
     
  15. caparica007

    caparica007Banned

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    I never read the insurance policy, it's insane, Pages and pages of small letters that no one understands. I do "filter" the policy and I do read in detail the coverage parts because I want to know what I am buying, but not the whole policy no.
     
  16. MyDigitalpoint

    MyDigitalpointActive Member

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    This is true! No matter if it is your home owner policy, your job application, an online registration form or the acceptation of a software installation, problem is that people never read those lengthy texts, or simply do an quick overview that is far from being an in-depth reading.