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The Paradox of Insurance

//The Paradox of Insurance

The Paradox of Insurance

Some of us are very confident in our knowledge of the insurance world, while others are not. Just to put you all to the test and to spread a little awareness, we wanted to share some interesting things about insurance that you might not know! 
It’s no surprise from what we do and the industry we work in that we live, eat, breathe, and sleep insurance. We help our clients create the best software for their businesses in the insurance industry and help them grow and evolve. It’s a fast-paced, ever-evolving industry. It can get a bad wrap sometimes, but the amazing things it can offer and protect for you and your family goes without saying. There are those out there who know their stuff when it comes to the insurance world. They are very confident when choosing their plans and talking about them. Then others are still very new to the world of coverage and are still learning the ropes. We wanted to include everyone in this blog, and we thought it would be fun to share some of the many things you may or may not know about insurance. Let’s see if we can stump you, surprise you, and educate you! We hope you walk away from reading this blog having learned at least one new thing!
  • The term “out of pocket maximum” is one that you’ll hear a lot of when paying for or picking your coverage. But, did you know that not every American knows what this term means? This is the total amount of money you, the insurance policyholder, will have to pay before your insurance company takes over and pays for the rest of your needs and care for the rest of the year. This is called hitting your deductible. Once you hit that magic number, you are no longer responsible for your medical expenses.
  • Your car insurance needs to not just protect the other person involved in an accident with you, it also needs to protect you! It’s easy to get sucked into paying for cheaper car insurance. But, these types of plans primarily only help the other person in the accident. It doesn’t usually cover you if your car is damaged or you end up in the hospital. What happens in this kind of situation if the other person has no insurance at all? Take the time to research a solid plan for your car insurance, and pay a little bit extra than you originally planned. You will appreciate it in the long run.
  • Even if you have a wonderful insurance plan that you are constantly happy with, this doesn’t mean that it automatically covers new things added under its umbrella of coverage. Say you buy a new car or decide to build an addition onto your home. Just because you have both the plan and these new additions, it doesn’t mean that the new addition is covered by default. You have to contact your insurance company and let them know about these changes. You usually have a grace period of a month to alert your insurance companies of these changes. So make sure you don’t waste time doing so!
  • Even if you’re a renter, you should still have insurance. Renters insurance can save you in more ways than way. Even if you don’t own the building you’re living in and you’re not financially responsible for it, you are still very responsible for everything you own inside of this building. You also care a lot about these possessions. Renters insurance helps covers all of your important possessions from damage or theft, making sure you can be compensated if something happens to them. Also, the cost of the insurance will be a lot cheaper than having to replace all of your things without any coverage at all.
  • Lastly, something unique and interesting. When motion pictures became a reality, audience members were truly afraid that their joy might cause excessive laughter that could lead to their death. So afraid in fact that an insurance policy exists for death by excessive laughter. So, have no fear when attending your next favorite movie!
Did we stump you? Did you learn something new? There are so many important topics, facts, and interesting tidbits that most people don’t know about the insurance industry. We know this list spanned the gamma of that knowledge, but think about how much is still out there! Take the time to stay up to date and educated on what you need to know about the insurance plans you’re looking for. We promise you’ll appreciate it in the end. Stay healthy and safe everyone. We will see you next time!
By | 2020-05-02T02:17:23+00:00 May 2nd, 2020|Categories: Uncategorized|0 Comments

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