(TDCI) Ahead of National Insurance Awareness Day on June 28, 2022, the Tennessee Department of Commerce and Insurance (“TDCI”) reminds Tennessee residents to use this day to review their insurance policies, assess their risks and ensure that their policies provide sufficient cover for their needs.
“Life changes such as the birth of a child or a change in income always warrant a review of the policy,” said TDCI Commissioner Carter Lawrence. “A thorough assessment of your insurance coverage can benefit you and your loved ones in the long term. I urge Tennessees to schedule time to sit down or meet virtually with your licensed insurance agent and review your policies to ensure that your coverage is still appropriate and that you are sufficiently prepared for any risk.
“As we look to the remainder of 2022, TDCI’s insurance team is committed to helping consumers with questions about their policies and coverage,” said TDCI’s Assistant Commissioner. for insurance, Bill Huddleston. “Consumers who feel they have been unfairly denied a claim should contact our team and file a complaint immediately.”
To assist consumers when reviewing their insurance policies, CDI offers the following information:
- Don’t just consider the premium cost. While it’s important to find a premium that fits your budget, make sure you have enough coverage to protect you and your finances in the event of an accident.
- Make sure the franchise is accessible to you and your finances. The deductible is the amount a policyholder pays for the loss before the insurance company pays the claim.
- Check the exclusions section of your insurance policy to understand what your insurance does not cover.
- Make sure your insurance agent and company are licensed to sell insurance in Tennessee. To verify that a person is duly authorized, visit our website.
When it comes to the different types of insurance, TDCI shares the following tips to help consumers navigate the purchase of an insurance policy:
Auto: To get the best coverage for your vehicle, consider purchasing comprehensive and collision auto insurance. Collision covers accidents involving other vehicles while comprehensive insurance covers damage resulting from other situations such as debris falling on your vehicle or an accident involving a tree or a landfill.
Owners: As part of home insurance, create an annual inventory to document the furniture and objects in your home in the event of an accident or claim. The National Association of Insurance Commissioners (“NAIC”) Home Inventory app makes it easy for homeowners to document their belongings. Having an accurate home inventory can be helpful when filing a claim with your home insurance company. Learn more about the NAIC’s Home Inventory app here.
Life: Choosing the right type of life insurance policy can be daunting, so meet with an agent to see which policy is best for you before purchasing a policy. Remember that if you are buying a term policy, premiums will likely increase when buying a new term policy after the first policy expires.
Flood: Know the facts, not the myths when it comes to flood insurance. Whether it’s a major flood or a few inches of water in your home, a flood insurance policy can bring peace of mind to consumers. To help consumers know the facts about flood insurance, TDCI has produced a new video and brochure explaining how flood insurance policies work. For more information or to purchase flood insurance, visit floodsmart.gov.