How to better understand your insurance policies.
In today’s society, it’s easy for individuals and businesses to go online and purchase their insurance coverage. While this can save a whole load of time, it’s common for these policyholders to misunderstand their coverage after they buy it. Every industry has its own jargon, and insurance is no different. To help you better understand what you should know about your policy and coverage, check out these terms.
Deductible
This is the dollar amount an insurance company requires its members to pay before insurance benefits kick in. While many people choose higher deductibles to keep their monthly premiums down, it’s important to remember that if you need to file a claim, the deductible is an out of pocket costs that you must pay before your insurance would help.
Endorsement
Also known as a rider, an endorsement is a change or addition to an existing insurance policy. This could include changing your deductible, changing your limits, or adding another person to your policy. Typically, this could occur to a change of lifestyle or a life event that means your insurance would need to change.
Umbrella Insurance
Also known as a personal umbrella policy, umbrella insurance is designed to extend beyond your car and homeowners insurance. If you file a claim with your personal insurance policy and the damage supersedes your coverage, umbrella insurance can pick up the rest.
Insurance isn’t easy to understand. Luckily, the team at C.V. Mason Insurance Agency can help! Secure your reliable
insurance policies with us in Bristol, Connecticut today!
