Insurance is often one of those things we forget about until we need it.
Here’s something that can help you keep insurance top of mind: June 28 is National Insurance Awareness Day.
The annual day gives you the opportunity to check your insurance policies and make sure everything is up-to-date. While that probably doesn’t sound like the most exciting thing to do, your future self will thank you if and when you’re ever in a tough situation and find yourself relying on that insurance coverage.
Insurance policies exist to protect you from the unexpected, whether it’s a natural disaster, theft, damage, illness, injury or death.
Some of the common types of insurance:
- Homeowners insurance
- Renters insurance
- Travel insurance
- Car insurance
- Life insurance
- Tuition insurance
- Pet insurance
- Health insurance
It’s one thing to know if you have insurance, and it’s another to know what the policy covers, and how exactly you go about filing a claim. Make sure you know what questions to ask!
What does this policy cover?
This is SUPER important to ask and have an understanding of. For example, if you want to have renters insurance in case someone breaks in and ransacks your apartment, just be sure that theft and burglary is a covered peril under the policy you are wanting.
How long does this policy last?
This depends on the company that you are purchasing through and what you opted to pay for the policy. If you paid annually, then the policy likely lasts for a full 12 months from the date that you chose your coverage to begin. If you are only needing the insurance for a certain amount of time, be sure to ask your agent about their cancelation process and what is required to terminate the coverage.
How much is the policy?
See if your insurance agency is charging you monthly, annually, semi-annually, or another billing option. Talk through it with them to see if there is a benefit to one billing option as opposed to another.
How do I know what my coverage limits should be?
For renters insurance, most policies come with both personal property coverage and personal liability coverage. Personal property coverage is the limit that protects your personal items that are inside of your residence, and personal liability coverage is what protects the actual structure itself. Be sure to talk to your university or rental property to see if they require any specific limits while you are living there.
How do I file a claim and how does that process work?
This is a general question with an important answer. Most people have no idea how to make an insurance claim if needed and it should be one of the top questions to ask your renters insurance agent. The claims process can be different for each agency, so just to be sure you clarify it if needed
National Insurance Awareness Day only comes once a year. So on June 28, use the day as a reminder to get a little more educated on insurance and your individual policies that you have or are interested in buying. This is especially important in college when you’re living on your own and away from home. And remember, when it comes to purchasing any sort of insurance policy, it’s very important to ask questions! At GradGuard, we’re here to help you when you have questions about your renters or tuition policies.
“Adulting” isn’t easy, and we’re here to help in any way that we can!