What's In Your Insurance?

October was National Preparedness Month and it's a great time to reevaluate your insurance needs. There are many different options to consider, such as life, auto, home, and health insurance, to name a few. Insurance ensures that you will be ready for life’s unexpected mishaps. In Massachusetts, the Department of Insurance (DOI) regulates the insurance industry and the protection they provide.

When purchasing insurance, make sure it provides the proper coverage for your needs. There are insurance terms you should understand, such as deductible, exclusion, or underwriting, before enrolling. To operate in Massachusetts, the insurance company or agent must be licensed by the Division of Insurance. You can check with the DOI to verify their information.

You should always read through your policy and understand all the terms and conditions before signing. This policy is a legally binding contract, so it’s important that everything written within is agreeable and suitable for your needs. The insurance company or agent can help guide you in choosing an insurance product but it is ultimately up to you to choose the appropriate coverage and policy for your needs.

Shop around for insurance and compare rates. The Department of Insurance promotes a healthy marketplace for insurance, responsive to the consumer base. This allows consumers to get multiple competitive quotes from insurance agencies and review their coverage prior to purchasing.

Always keep a copy of the documentation and policy statements associated with your insurance. In the event that the insurance company does not honor something they’ve promised to you, these documents can help persuade the company to keep by their original terms. If possible, get all quotes, offers, and other information in writing.

The Department of Insurance also accepts consumer complaints against licensed insurance companies and agents. The DOI can attempt to resolve complaints but will not provide advice, recommendations, or suggestions in regard to selecting an insurance company or agent.