The Basics of Buying Insurance

by Administrator 26. October 2022 03:51

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Why You Need Insurance?

by Administrator 23. August 2022 15:15

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How To Decide Insurance Coverage Limit?

by Administrator 26. April 2022 15:34

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Choosing Effective Insurance Coverage Limit

by Administrator 26. November 2021 09:29

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Things To Know When Buying Insurance

by Administrator 21. July 2021 09:45

Investing in insurance is essential for financially safeguarding the insured and his property from damage and losses due to unexpected events. There are a variety of insurance options to choose from based on one’s needs and budget. It is advisable to consult an expert in the field for advice on the best insurance policy to opt for.

Here is a list of things to know when buying insurance:

  • Assess Your Needs: There are insurance policies for almost every possible risk, but it is important to assess what your specific needs are. Identify what it is that you need protection for i.e. medical expenses, loss/damage to belongings, etc. The best way to identify your needs is to make a list of the risks you are concerned about and assess their likelihood of happening and the amount of loss involved.
  • Research: Be careful and deliberate when shopping for insurance policies. Research about available coverage options and coverage limits. This will help you in determining your requirements.
  • Set A Budget: Before plunging into buying an insurance policy, set a budget and determine the cost of the insurance in terms of premiums. Start with catering to your basic needs as you can increase the amount of coverage while reviewing your policy later.
  • Know The Exclusions: It is important to be aware of things that are included and excluded from your insurance policy. Request your insurance provider for a list of perils that are excluded from the policy before finalizing the purchase.
  • Bundling Policies: It is advisable to bundle insurance policies with a single provider for benefits such as loyalty programs and multi-policy discounts. This is a good step for those with multiple insurance needs and a flexible budget. It helps in saving time and money while establishing a concrete relationship with your insurance provider.
  • Claim Aspects: Ask your insurance provider about the claims process. Also know about the point of contact and documents that will be required to file a claim. It is also important to know the timeline of filing a claim.
  • Consult An Expert: A qualified and experienced insurance expert is your best friend when it comes to buying an insurance policy. He is aware of the nitty-gritty of insurance policies and will help you find a policy that suits your financial and personal needs.
Shawn Camp Insurance Agency, Inc. offers an array of insurance coverage options including home insurance, auto insurance, motorcycle insurance, etc. To know more about buying insurance in Killeen, visit Shawn Camp Insurance Agency, Inc. at 2705 E. Stan Schlueter Loop, Suite 101 Killeen, TX – 76542. You can also call at (254) 526 – 0535.

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How To Claim An Insurance?

by Administrator 11. May 2021 09:54

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Making A Smart Decision By Choosing The Right Insurance Plan

by Administrator 27. June 2020 06:31

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The Basics Of Renters Insurance

by Administrator 29. February 2020 09:21

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Why Insurance Is A Necessity For All?

by Administrator 27. February 2020 09:18

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Insurance Jargon: What Do The Terms Really Mean?

by Administrator 20. January 2020 09:14

A key requirement for making sound insurance decisions is to be aware of commonly used insurance terms. Educating yourself on frequently used insurance terms increases the understanding of the process and helps in making profitable decisions.

Listed below are some insurance terms you should know:

  • Act of God: This refers to events that arise due to natural causes devoid of human intervention.
  • Actual Cash Value: The current market value of lost/damaged property at the time of loss. Calculations are based on the value of your property minus the depreciation.
  • Adjustor: Insurance company representative who investigates a claim and settles it.
  • Cancellation: The process of terminating an insurance plan by the insurance company or on the insured person’s request.
  • Claim: A demand by the insured from his insurance company for coverage and compensation due to a loss as per the terms of his insurance plan contract.
  • Collision Coverage: An optional coverage that can be availed if a vehicle is damaged by collision with another object.
  • Deductible: These are out-of-pocket expenses for losses up to a certain amount before your insurance company covers the remaining expenses. 
  • Depreciation: It is the decreased value of an item due to its wear and tear or obsolescence over time.
  • Insurance Term: The period for which a plan is valid and active.
  • Loss of Use: It is insurance protection from a loss caused by the inability to use the insured property as a result of destruction or damage.
  • General Liability: This covers injuries/ damage of property of a third party on insured person’s property.
  • Peril: The reason for a loss e.g. fire, collision, flooding, etc. 
  • Premium: An amount that the insured pays for the insurance coverage.
  • Quote: An estimate of the premium for different insurance coverage options.
  • Total Loss: A situation whereby the cost of damage is more than the value of the insured’s property.
  • Professional Liability: Covers legal costs and expenses incurred on the complaint of a customer pertaining to the failure of the insured professional to deliver what was stated in the contract.
  • Product Liability: The coverage offers protection for situations in which a product sold is claimed to be defective.
  • Replacement Cost Insurance: A type of insurance coverage for repairs or replacements to damaged property.
  • Underwriting: The process by which an insurance company assesses whether it should provide coverage to an applicant.

Shawn Camp Insurance Agency, Inc. offers a variety of insurance coverage options to its customers. The agents assist the insurance buyers in understanding the important terms related to the insurance plan. For more details on insurance jargons, visit Shawn Camp Insurance Agency, Inc, 2705 E. Stan Schlueter Loop Ste 101 Killeen, TX - 76542. You can also call at (254) 526 – 0535. 

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