Top Questions to Ask Your Insurance Agent When Buying Insurance

Not an expert in insurance? Don’t know the best questions to ask your insurance agent when you are buying insurance in Colorado? We know speaking with a Colorado insurance agent or broker could be a little intimidating. We got you covered with this Top Questions to Ask your Agent FAQ.  When it comes to meeting your local insurance agent - we try to be pretty good at covering you, both informationally and with your insurance policy.

Q: What are the details of my insurance warranty?

When buying an insurance policy, It’s important to know the specific details of your insurance contract so you know how to best take precautions and not to do the things that might void your insurance policy if something bad were to happen. Actions such as leaving your car running in your driveway, or not properly trimming the trees that surround your house could factor into your insurance coverage if something bad were to happened.

Q: What is my coinsurance clause?

It's important to know what happens after you pay your deductible. Coinsurance is a percentage of every claim you pay after your deductible has been applied. So if you’ve used up your deductible and have a coinsurance clause of 15% you will have to pay 15% of every additional claim you make for the rest of the year, while the rest of it, (85% of the claim) will be made by the insurance company. 

IMPORTANT: A coinsurance also clause requires you to purchase the right amount of insurance for the valuation of your insured property (as in, you need enough insurance to protect how much your property is actually worth). If you don't have enough insurance to protect the full value of your property, you won't be able to fully recover your loss. 

PRO TIP: Before purchasing your policy talk to your insurance agent to make sure you have enough coverage to protect the full value of your property. 

 

 

Q: Are you an independent insurance agent?

You want to ensure your insurance agent doesn’t have a conflict in interest when representing you with the best policies. You want a local Colorado insurance agent that represents you over the insurance company that carries your policy. If the time comes that you need to file a claim, you will also need someone who will fairly and unbiasedly represent you and your insurance claim.

Q: What is my insurance deductible?

If your property is damaged, lost, or stolen, you will need to know what the initial amount of money you will have to pay before your insurance policy kicks-in to pay for the remaining balance. This is important so you know whether it’s worthwhile to file a claim or not. Getting a proper quote to repair the damages or replace the insured property is a good way to assess whether or not it's worthwhile to make a claim. 

 

PRO TIP: If you make a claim your insurance rates will go up in the future. This is something you should factor in before you decide to make a claim. Still unsure? Talk to your independent insurance agent before making a claim, they can help you with this decision.

Q: What are my conditions precedent to liability?

Now we are speaking insurance nerd! You need to know what you need to do before you make a claim on your insurance policy. Timing is important when making a claim. DON’T WAIT! Contact your Insurance Agent right away when you need to make a claim. Your agent can work with your insurance carrier to help you get your claim through.

Q: Are there any notable exclusions in my policy?

IMPORTANT: What’s not covered in your insurance policy should be identified before signing any insurance contract.

Key Insurance Terms You Should Know 

Insurance Premium

This is how much you have to pay your insurance company to be covered by your insurance policy. You could pay this all upfront in a yearly amount, or be billed monthly. Either way, Insurance Premium is the amount of money it takes for you to be covered within your insurance policy

Third Party Insurance

Anyone who is covered by your insurance policy that isn’t the policy holder. If you bought 3rd party coverage for your auto insurance and you hit another car. Your auto insurance company will pay for the repairs of the other guy’s car. However, that doesn’t include insurance coverage for your car. So make sure you get auto coverage for both your property and anyone else's with 3rd party auto insurance coverage.

Insurance Warranty

Insurance Warranty is probably the most important detail to know about your insurance policy because it provides the insurance contract conditions of your insurance coverage. In your insurance warranty can be a contract condition that requires you to take certain precautions to keep your household safe.

EXAMPLE: Actions like locking your doors, keeping your fire alarm batteries fresh, could all be a part of your insurance warranty. If you don’t do these things and something happens, it could void your coverage.

 

PRO TIP: That’s why you should always ask your Denver Insurance Agent - “Tell me about my warranties?” when you buy an insurance policy in Colorado. We try to inform all of our clients of their warranties upon signing their insurance contract, but it’s your responsibility to be informed SO READ YOUR CONTRACTS! Buying insurance is not like updating your software on your iPad.

All Risk Insurance Policy

Think of this as an all you can eat buffet of insurance, only defined by what they AREN'T serving you. An all risk insurance policy is an all you can cover insurance policy only defined by its policy exclusions. So if something happened that's specifically NOT excluded from your insurance contract then it should be covered.

Have More Questions to Ask Your Agent? Think of us as your local Denver Insurance guides.

At Denver Insurance we are an independent insurance agency and brokerage. Our Team of Best Independent Insurance Agents are open, honest, and down to earth. We make sure our clients understand all of the details of their Colorado Insurance policy so there are no surprises if they need to make an insurance claim. Being available with expert advice and information is part of what makes our independent insurance brokerage better than the rest. Our expertise is unbiased, we don’t support any one insurance agency over the other, and our expert insurance advice is a value add to the insurance policies we sell to our clients. If you have more questions about insurance feel free to contact us online or text or call us directly at 720-446-5566 and we will reply with an answer.

Where to Next? You can continue onto the next section of our Denver Insurance Guide or check out the most interesting insurance blog within the Milky Way.

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