Some Techniques to Rescue from Cancelling of Claim
There was an incidence in news recently where an insurance company has canceled their renter’s policy. The incidence was like that a family has filed two claims against their policy who was burglars into their home before Christmas and again just before New Year. Two robberies in very short time are very unlike situation and seeming a fraud. As a result of that, the insurance company dropped its claim because the case is of potential fraud.
However, it is terrible to think that a family makes fraud if there is no any evidence. But there is also a question that if insurance companies do not take any hard action when faced with some like events, it could have to suffer higher insurance costs for the rest of customers. Instead of discussing what was right and what was wrong, we should take care before claiming any insurance policy. Below are some techniques to rescue from cancelling of claim.
It All Comes Down to Higher Rates for All of Us
Most of the companies provide group policy. Policies are mostly depending on payment of insurance premium payment. Insurance companies raise the cost of premiums when they have to make more payments of claims than they anticipated. The insurance companies always try to cover unexpected loss by increasing the amount of premium.
Don’t File Small Claims on Your Insurance
A person should be happy if your insurance company is denying claims or dropping its coverage of less-desirable customers. The reason is given. If you claimed there and paid by company, you will notice that insurance premium goes up or policy canceled. If the cost to repair the damage is little more, then it is advisable to pay out from pocket.
Have an Emergency Fund to Protect Yourself and Keep Your Premiums Low
Emergency fund provides a protection against small claims of insurance policy. This fund helps against a job loss, a broken-down car, small loses from accidents and thefts, an unforeseen expense, etc. emergency fund is a cushion that provides a protection against many conditions.
Insurance policy should be that type that covers major losses and not small ones. If you found that no one is ready to pay for damages or change the part or deny replacing from its own pocket, it might be a bad idea to file a claim.