Insurance Check-Up
A review of your insurance policies can help you avoid expensive surprises in the future. A standard homeowners insurance policy will not cover flood but it will cover tornado damage. Fire and lightning are usually covered by a policy but an insurance company may request to see a home inventory list. When reviewing your policy, you may want to ask these questions:
- How much coverage do I need? A home inventory is the best way to determine the appropriate level of coverage needed for contents. It is also a useful tool to have in case of a loss. When doing the home inventory, make sure to include as much detail as possible about the items.
- What are my deductibles? A deductible is the amount you need to pay out of pocket before the insurance company will cover the claim. It’s important to know these amounts ahead of time so you can budget accordingly. Some policyholders consider raising a deductible to save on premium, but remember, the bill will be that much more following a claim.
- Am I eligible for any discounts? Most companies offer discounts for people who have more than one type of insurance policy with them, and for people who have had few claims or are long-term customers.
An insurance agent can help you understand the four parts of a standard homeowners or rental insurance policy. You may need special coverage for pricey items like jewelry or electronics. Call your agent to discuss your options.
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Smart Shopping
Wondering how much your car insurance would be if you chose a new company? Louisiana Department of Insurance’s online system can help you compare automobile and homeowners insurance rates among companies statewide. Shopping around for the best policy may save you time and money. Here’s a few tips to keep in mind when contacting an agent or insurance company:
- Be prepared to give details about your driving history when you call for price quotes.
- Ask questions about your policy. What does it include? Exclude?
- Compare policies of various companies.
Choose the policy that best suits your situation. And, remember, the lowest quote may not always be the best option.
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Understanding Your Medicare Options
There's a chance for you to make changes to your Medicare Advantage Plan or Medicare Prescription Drug Plan. The Medicare Advantage Disenrollment Period runs January 1 through February 14. During this time, you can switch from your Medicare Advantage Plan to Original Medicare. Keep in mind, a change to Original Medicare means you have to choose a Medicare Prescription Drug Plan by February 14. Head over to Medicare.gov to see a list of changes that cannot be made during this period. Our Senior Health Insurance Information Program (SHIIP) staff can help you make informed decisions.
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Mark Your Calendar
Earn three hours of continuing education credits and get a FEMA update and information on licensing at the Business Building Blocks Workshop. The free event takes place January 19 at Southern University at New Orleans. Click here to register.
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Our monthly newsletter addresses consumer insurance topics as well as timely information on issues affecting senior citizens in Louisiana.
To find out if Consumer Advocacy will be in your area or to request a speaker for your organization or group, call (225) 219-0619 or send an email to: consumeradvocacy@ldi.la.gov