Insurance is designed to bring at least a modicum of protection in the event of the unexpected.
But over the last decade, we've met the unexpected in connection with insurance policies. I suspect Baby Boomers may have some of the same surprises.
Insurers warn us to read policies carefully. I try, but both length and lingo tend to be deterrents.
I was unaware of a common home insurance clause until my parents went into an assisted living facility, leaving their modest Michigan house unoccupied from April of that year until it sold in September a year later.
Most insurers limit coverage for vacant houses to a few months and generally won't renew a policy for a vacant house. I called a company that insures unoccupied houses. I don't remember the premium, but it came as a shock.
The agent for my parents had retired, but his replacement finally came to our rescue. Noting that they had carried both auto and home insurance with his company for half a century, and told the house likely would sell quickly, he extended the policy.
That, of course, calls to question all the advice about switching insurers for lower rates. Companies generally give breaks for multiple policies and years.
More recently I sought information about health insurance reimbursement for my annual physical. Somehow my husband was listed as the patient on the benefits statement. He certainly doesn't get the exams I do, but the insurer could not release the information to me. We have since signed a form permitting each of us to inquire about payments for the other. We also added our son's name.
Years ago we celebrated when he and his sister were no longer young drivers on our auto insurance. But we didn't celebrate when we learned that just as premiums are higher for younger drivers, they also go up at the other end of the age scale.
I'm listed as the primary driver on our policy, but because my roughly 100 miles a week driving for a part-time job brings a higher premium, I suggested listing him as the primary driver. He isn't employed.
Wrong idea. He's five years older.
No comments:
Post a Comment