Orieta Kristo is the principal of Horizon Insurance, Inc. in Worcester.
Updated: January 6, 2020
10 Things
10 Things I know about ... Insurance
By Orieta Kristo
In today’s automated systems and services, it’s a breath of fresh air to be able to reach to someone and talk to them about what you are looking for. After all, personalized services is something a lot of people still look in the insurance industry.
10) Find an agent you are comfortable with and who understands your needs. If there is ever a claim, they will do a whole lot more hand holding and walk you through the process.
9) Shop all your lines together. Do not have your auto policy with one carrier and the home policy with another. Call your agent to make sure they bundle all the policies together.
8) Pay attention to your coverages. Although we all enjoy saving money, when it comes to a claim, the most important thing is having the right coverages.
7) Switching carriers every year will have a negative impact in your premiums. Carriers can see your retention and when they see you are a jumper, they will not offer you their best rate. Instead, look to switch every 4-5 years.
6) Having low limits of liability has a negative impact on your rates. Carriers like to see responsible drivers, and drivers who value the importance of having good limits of liability.
5) Ask your agent for an umbrella policy. This policy is sadly too often overlooked. Umbrella policy is an extra layer of liability going beyond the limits of someone’s auto or home insurance policy. This comes into play when your underlying liability limits on your auto or home insurance have been reached. This policy will further protect you from a potentially devastating liability claim or judgment.
4) If you are a real estate investor, try to include on the lease agreements to have your tenants carry renters insurance on their own. This benefits the landlord just as much as the tenant. If someone is injured in the tenant’s unit, the tenant does not carry renters insurance, and the individual who was injured has inadequate health insurance, they can file a claim against the landlord.
3) Every small business needs general liability insurance. This will help cover the costs of claims made against your business for bodily injury or property damage.
2) When adding a young driver to your auto policy, ask your agent for qualifying discounts such as good student discount and driver’s education. See if your insurer company offers a telematics device program, which will help to collect driving habits and allow you can discuss the results with your teen.
1) Life insurance is very important. Think of what financial burden you will be leaving behind for your loved ones. Mortgage, car loans, credit cards, college tuition and even your funeral expenses. All this can have a dramatic impact on your family and their lifestyle.
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