Do You Know What You Don’t Know?


Do You Know What You Don’t Know? 3

Let’s be real, purchasing insurance isn’t exactly the most fun and exciting use of your free time, and neither is attempting to wade through all of the industry jargon or policy wording. But if you don’t take the time to read your policy you may be out of luck, because knowing what ISN’T covered can be just as important as knowing what is.

So now we have to ask, “Do you know what you don’t know?”

Answer These Questions:

  • When was the last time you reviewed your insurance policy, if ever?
  • Do you know what sort of payout you will receive if a big loss were to occur?
  • When was the last time you updated your policy?

If you answered no or can’t remember the answer to any one of these questions, then it is time for you to sit down with an insurance agent and take a look at your current policy to determine what actions need to be taken so that your coverage is relevant to your situation.

Lack of Insurance Knowledge Common

For those of you out there feeling alone because you are not up to date on insurance info, don’t feel too bad, there are a lot of people piled in the same boat as you.

According to a recent Trusted Choice, telephone survey, out of the 1,000 people polled, nearly 40% of respondents didn’t know what was in their policy, and another 60% admitted that they did not in fact do any research before purchasing their policy.

Put it altogether and what do you get? A lot of people overpaying to be underinsured. Follow along with our next few blog posts as we cover common mistakes individuals make when purchasing insurance, and how you can avoid making similar mistakes.

Source – How well do you know your insurance policy?

Photo – © thinglass – Fotolia.com

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