Think about this: Have you ever received a call from your property or auto insurance agent to ask about how your insurance claim is proceeding after your reported a claim? Your answer is guaranteed to be a resounding “No!” Do you know why this is the case? Insurance agents aren’t paid to help you with your claim.
According to industry rumors, some insurance agents actually get paid a bonus to prevent you from making a claim. Ask yourself this question: Why am I paying such high insurance commissions to agents when the only time I hear from them is when they want to sell me a policy?
In Florida it is common insurance industry practice to sell your insurance policy to a new company. Often, you learn this when you receive a letter from a new insurance agency stating they are now your agent. Wouldn’t you rather do business with people you trust instead of a company the state of Florida decides is your new agent?
This style of “inside dealing” for your insurance policies should raise all kinds of red flags. Shouldn’t we have the right to do business with a company that we choose, instead of one that is chosen for us? Increasing number of people have had their insurance policies sold three or four times. Often, they don’t even know the name of their insurance company, much less the details of their insurance policy coverage.
Naturally, people are attracted by companies offering the cheapest insurance policies. After all, most insurance companies’ advertisements offer the least expensive insurance policy. This is typical industry practice. But, what consumers need to understand is Florida does nothing to regulate the language in your insurance policy, most of which is virtually useless because its does everything to protect the insurance company and little to protect you, the insured. It’s outrageous how insurance agents sell you these worthless policies and then call themselves professionals. It appears that taking your money is more important to them than giving you sound advice.
The bywords here should be caveat emptor, or buyer beware. You should know all of the details and features of your insurance policies at all times.