What You Don't Know May Hurt You!

You don't know that you don't know!


This may be the most imortant page on this site. You as the general public need to know your own insurance policy, no matter who the company it is with. For the most part we will be discussing homeowners insurance, but the lessons learned here can be used for all insurance policies. "Like a good neighbor" and "Your in good hands..." are gone when you make an insurance claim! Especially if your insurer is Pioneer State Mutual Insurance Company. Remember, this is "Insurance the way it should be", according to President Kurt Foley. Thank you PSMIC for telling us up front! I just wish I would have noticed it sooner! The insurance companies write/craft and tailor the insurance policies to fit their needs, not yours! The insurance companies all have their own legal departments. These donut eating, money worshiping lawyers take great delight in torturing customers into confessing their hidden sins. They want their boss's to not pay these policy holders, and secure their posh positions. The policies are written such that one needs to have magical/mystical powers to ascertain its complete understanding. There are loopholes, pitfalls, piranhas- lions, tigers and bears, oh my- and many other things in there which help them and not you.

 The title of this page pretty much sums up how much the insured understands of their own policy. Do you even have your complete policy? Go and get it, I'll wait... I am glad that you have it, kept it in your insurance file, didn't you? Make sure it is the whole policy: most insurance policies are 30 or so pages of sticky, yucky legal jargon. After blowing the dust off, take a brief thumb through all of the pages. At this point it would be most helpful to also have a recent copy of your paid insurance bill/invoice. You need to be aware of what you are paying for and what you are getting in return. Your last statement or invoice from  your insurance company will show your policy coverage as well as any additions/amendments. Once you get the basic understanding of the invoice, go back and browse through the policy again. From my little research into the topic, most insurance companies use a "generic" policy, and tweak it for their different needs.

 When signing up with an insurance company, you are entering into an agreement. You agree to keep your payments current with them, and they agree to pay you ? if "X" happens. How much they will pay and the definition of "X"  is all in your policy. The agent who sold you the policy is nothing more than an order taker, it is up to YOU to understand your policy. Since not everyone of us has a law degree from any Ivy League college, or otherwise, getting professional advice is highly recommended. Most lawyers would charge a small nominal fee to go over your policy with you. I would suggest you do the best you can to understand it, and write down questions to ask the lawyer. A little investment to understand your policy and how it relates to you is well worth it, even if you never make an insurance claim! While not fully feeling the love for the legal community, I feel it is very important for people to understand the agreement/contract they have entered into with some insurance company. The insurance company is there to MAKE money, not GIVE it to people who make claims. Your insurance policy is there to help them, not you. This is why professional legal advice is there on your behalf, to help you understand so you can be better protected. You need to know how you will be covered BEFORE anything happens! We wish we would have invested a little time and money BEFORE we had suffered loss claim- things would have turned out much differently! Protect yourself, your loved ones, finances and belongings- do some research into your homeowners insurance policy before it's too late!

 While doing research, we found some excellent tips from the Better Business Bureau- that we found on their website, and would like to share with you:

 "Industry Tips

 BBBs do not advise consumers on which insurance program they should purchase, since everyone has different individual needs. However, before replacing one's current insurance with a policy from a different company, it would be prudent for a policyholder to:

1. Ask the representative selling replacement insurance for a written sales proposal and comparison discolsure statement, (some states require this) and a copy of the policy or policies being offered. Carefully review this information. Make sure all promises are confirmed in writing.

2. Have your present insurance agent give you a written comparison of your existing insurance with the proposed replacement insurance to assist  you in determining whether it is to your advantage to switch to another insurance program. 

3. Before you drop your current insurance coverage for another plan, find out if the new coverage is effective immediately. If not, you may wish to keep your current coverage at least until the new policy will pay benefits to you. 

4. Always obtain a receipt from any person to whom you release your policies for review. 

5. Check with your state insurance commission to make sure that the insurance underwriter or carrier and agent offering replacement insurance are licensed in your state. 

6. Buy only the amount of insurance you need and can afford."

There is a vast library of information there on the topics of insurance and insurance policys. Thank You, BBB- for putting all of that up for us to access absolutely free! 


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