Do You Really Need That Insurance? A Breakdown of Your Options

It's important to understand the various coverage options available before you purchase insurance. For example, if you're purchasing health insurance through a state or federal marketplace or from an employer, individual plans are often categorized by the degree of coverage they offer: platinum, gold, silver and bronze, with a catastrophic plan also available to some people. The differences between the plans are largely in how much of your claims they cover and how you pay for them (either through copays, premiums or coinsurance).

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The best way to meet your coverage needs is to sit down with an agent. They can help you find the right policy for your specific situation, and may even be able to offer some discounts that you don't know about.

An agent can also tell you how to best meet your coverage goals by highlighting any gaps in your current plan or identifying additional insurance policies that might be helpful for your specific situation, such as car seat replacement coverage or adding accidental death coverage. They can also explain any deductibles and limits on your current policies, and how they might change in the future.

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If you're buying coverage for the first time, it's worth looking at unbiased ratings from organizations like AM Best and S&P. These will give you an idea of what other consumers think about the company, and can help you decide which insurers to consider. When you're ready to buy, make sure your agent is licensed in your state and ask for copies of all paperwork and payments, including the signed insurance policy. If you are not satisfied with any aspect of your coverage, contact the insurance company in writing by certified mail, return receipt requested.

Know Your Coverage Limits

When you're shopping for insurance, there are a lot of things to keep in mind. You'll need to consider your coverage needs, deductibles, and limits. While the terminology and options can be daunting, there are some simple steps you can take to help make the process less overwhelming.

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Coverage limits are the maximum amounts an insurer will pay for a particular type of policy claim. They serve as financial guardrails, defining the boundary between what your policy covers and what you're responsible for paying out of pocket. Different policies may have varying limits, but common examples include per-occurrence limits (the maximum amount paid for damages or losses from one incident) and aggregate limits (the total maximum payout across all claims made within a certain period of time, typically a year).

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