Life is uncertain; one can’t be sure what one has to face in any moment of life. This uncertainty stems the need to have an insurance policy that assures to indemnify the financial losses in case of an eventuality. While signing up for a policy, people consider all policy conditions and sign up for the best deal but commit some other mistakes that results in delays in indemnification of loss and even non-payment of claims in some cases. In such cases a family tragedy turns out to be a financial crisis ruining many lives. To avail the benefits of the insurance policy and get your claims in time you should avoid these mistakes. However, you should also seek financial advice of Your Personal Financial Mentor in order to avail the benefits of the insurance policy and get your claims in time.

• When you purchase a policy, you should consider what thing you want to be protected in case of an eventuality. You should decide the coverage amount on this basis. Especially in case of life insurance, one should look up to an insurance policy for covering the expense of one’s dependents. People believe that a life insurance policy should be enough for paying their bills and funeral charges.
• They use the age old thumb rules for calculating the insurance amount, which states that it should be seven times present incomes of people. But it varies from person to person depending upon their needs and dependents to up bring. One should consider all the factors before finalizing upon the insurance amount.
• In an event of home or business damage, people get busy in clearing up the mess rather than visiting their insurer. Calling up the insurer in first place lets him know how bad things have turned up. Failing in explaining the actual loss to insurer affects the amount the indemnification you will get for the damage. So, it’s necessary to call up the insurer as a priority to give him an idea of the damage.
• In some situations it becomes necessary to make some amendments and immediate repairs before calling the insurer; repairing a hole in the roof for instance. In such circumstances, make sure you have got an evidence of the original situation to be shown to the insurance. In case of automobile damage, get an estimate of insurance to be used in comparison to carrier’s estimate, so that you get just reimbursement.
• If some property is insured, you should not leave it to be damaged. Take care its repairs and responsibly keep a track of the repair expenses accurately. This helps you getting complete compensation when you ask for your insurance claim.
• Some people commit a silly mistake of throwing away property that got damaged in the event of a disaster and keep photographs to show impact of damage. You should not do this. Keep the damaged goods as they describe the wallop in a better way as compared to photographs. Moreover, they are your only evidence describing the strike of the catastrophe.
• While signing the policy you should read the terms and conditions carefully and should clear all the doubts. You should know in which events of disaster you can claim your policy. For example, if you are submitting a flood claim for your home insurance carrier, it is worthless as your homeowner’s carrier won’t cover the loss. For reimbursements of damage to your home in case of a flood event, you should be having a separate flood policy.
• You should always be prepared, as to get fair indemnification; you should avoid any kind of delay. For this you should have your policy papers at a handy access and also have their copies at separate places so that in an event of home damage, your papers are not destroyed. Be in contact with your insurer so that when you need, you don’t have to trace the contacts. Also, you should be aware of the procedures they have lined in case they are also the victims of disaster.
• Most insurance carriers place abeyances or suspensions in case they have an intuition or early warning of some possible disaster. This handicaps you from making any adjustments to your coverage. Moreover, some policies release these suspensions after passage of disaster whereas certain policies have a long waiting period. So it’s a good practice to review your policy adjustments in advance of a disaster.
• Your claim is liable to be denied in case you are found dishonest in any clause while signing the policy or fail to meet any requirement of the policy. To avoid this be honest in stating everything that may affect your policy rate when you sign the policy. Also mention if you are availing any policy from any other firm.

Categories: Insurance