Know what is covered in the policy: Before buying insurance make sure you read and understand the policy so you know what is and what is not covered. When comparing policies, look at how much coverage the insurance offers, not only the premiums you have to pay. Lower premiums may sound good, but if you do not have enough coverage it could cost you much more in the long run.
Evaluate your situation: Make sure you get the right insurance to meet your needs. Evaluate your situation from time to time, you may need to update your policy after major life events such as; starting a family, buying a home, starting a business, buying a new vehicle, etc.
You should also check with your employer to see whether you already have certain types of insurance under your employee benefit plan.
Deal with a licensed individual or insurance company: Use our Insurance Licence Search Tool to check before signing anything. Report any unlicensed activity here.
Ask about discounts: Ask about discounts for buying more than one type of insurance policy from the same insurance company. For example, you may get a discount if you buy your home and auto insurance from the same insurance company.
Get enough insurance: If you make a claim, your insurer will pay up to the maximum amount insured by your policy. When deciding how much insurance you need, consider the value of the item you are insuring and the full financial impact of paying for the loss or event yourself. For insurance that has a deductible, such as home and auto insurance, keep in mind that higher deductible will usually reduce your premiums, but you will need to pay the deductible if you make a claim.