By the close of 2020, a whopping 297 million people in the U.S. had some form of insurance. It’s no wonder $1.2 trillion worth of insurance premiums were written in 2020.

There are different types of insurance policies you can purchase. Some of these policies are a must-have for everyone, and others are dependent on your needs.

Regardless of your insurance needs, one thing doesn’t change: you need to find a provider who won’t let your down. In an industry where providers have a reputation for playing hardball when it comes to paying claims, you have to be careful.

Read on to learn how to find the best insurance provider.

Define Your Insurance Needs

To set up yourself for success when looking for an insurance provider, start by having a clear understanding of your insurance needs.

What kind of policy are you looking for? Perhaps you just bought a home and you need homeowners and/or flood insurance. Or you’ve bought a ride and need auto insurance.

Sometimes defining your insurance needs correctly requires you to factor in your location, since laws for some insurance requirements can vary from state to state. If you’re a Florida resident, for example, the law requires drivers who have been charged with a DUI to purchase additional insurance, known as FR44. So people who need FR44 insurance in Florida have to be aware that it’s just a state-specific requirement.

The benefit of knowing your insurance needs is to zero in on insurance companies that cater to those needs. If you need life insurance, you’ll narrow down your search to life insurance companies since not every insurance company sells it.

Get Multiple Quotes

Perhaps you already have an idea of the company you’d like to buy insurance from. The company might still end up being the best, but you can’t know this unless you compare it with its competitors.

This is why getting multiple quotes from different insurance companies is key to finding the best provider. In addition to getting an idea of their premiums and other terms and conditions, you’ll have an opportunity to speak to their agents and get a feel of the customer service.

If an insurance company doesn’t have great customer service when you’re buying, don’t expect it to be any better when you’ll be filing a claim.

Financial Strength

The business of insuring risk requires deep pockets. Picture paying $1,000 in annual premiums for a $10,000 coverage. If the insured risk event happens even after you’ve paid just a quarter of the annual premiums, the insurer might need to cough up the full coverage amount!

As such, it’s prudent to assess the financial strength of an insurance company before buying any of its policies. If a company has had a history of shaky financial performance or has had trouble settling claims, it’ll be in your best interest to avoid it.

Find a Provider for Your Insurance Needs

It’s inevitable that every adult will purchase some form of insurance. Whether that insurance will be for your property, own life, or even pets, it’s paramount to find a provider who’s reliable. It’s the only way you’ll pay your premiums with total confidence and great peace of mind, knowing that if you were to file a claim, your insurer won’t start cat and mouse games.

Explore our blog for more helpful life tips and hacks.

By Manali