4 Questions to Ask Your Insurance Agent

Your insurance agent is responsible for selling and negotiating life, health, property, or other types of insurance to match the needs of their clients. They are uniquely qualified to help answer your questions about all things related to insurance. Below are four questions most people should probably ask.

What is my deductible?

If you ever need to file an insurance claim and eventually accept a settlement offer from your insurance company, you’ll still need to pay your deductible. This is your up-front contribution to the claim, which is subtracted from the payout. It is not the same as copay or coinsurance, and depending on the form of insurance you have, you may encounter several types of deductibles. For example, your health insurance plan may have more than one deductible. “If you have family coverage, you may pay individual deductibles for each person covered under the plan alongside a family deductible for the policy,” explains Investopedia personal finance writer Rebecca Lake. Talk with your insurance agent so you can fully understand what you’ll need to pay out of pocket in the event of a covered loss.

Am I adequately covered?

This is a good question to ask on a regular basis, such as when your policy is up for renewal. For example, in the case of home insurance, your coverage should be good enough that if your home is destroyed or made unlivable, the policy will cover the cost of rebuilding it, replacing personal possessions, living elsewhere temporarily, and protecting your existing assets in the meantime. But as the value of your home can change, so should your policy. “Getting married, adding a new room to the house, purchasing new furniture, or having an elderly parent move in” are all examples of events that should trigger a call to your insurance agent, says Consumer Reports.

What happens if I get into a car accident?

It’s important to know what happens if you get into an accident or experience a loss covered by your insurance policy. What number should you call? How long will it take for an insurance adjuster to inspect the damage? If you are out of transportation, will the insurance company provide a rental car? Does it work with a network of repair shops? Will you need to provide one or more damage estimates? The insurance claims process can be long and complicated, and knowing what to expect before disaster strikes can help you navigate it more smoothly. “Many times, we get worried and forget important details after getting into an accident,” writes Forbes contributor Dhirendra Mahyavanshi.

Am I overlooking a type of coverage?

You may be lacking a type of coverage that would greatly benefit you in the event of a loss. According to Consumer Reports, a survey found that more than 75% of Americans say they would “suffer great or moderate financial hardship if they didn’t work for three months because of injury or illness.” Despite this, nearly 66% of Americans do not have the disability insurance that would help prevent short-term hardship such as this. There are other forms of insurance that could benefit you, or additional features offered as part of the same plan you already have. Ask your insurance agent if you may be overlooking a type of coverage that could be beneficial for you to have.

Insurance agents can help their clients find the coverage they need at a cost they can afford. Before renewing your policy, talk to your insurance agent and investigate how you can better protect yourself.