JACKSON — The Mississippi Insurance Department often gets calls regarding insurance rate increases and how to reduce the cost of insurance premiums. One thing you should do is shop around for the best coverage.
Looking for an agent in your area? Identify companies you are interested in and give the company a call.
Once you find an individual in your area, it is important to check their license status.
You should also consider the company’s financial stability and customer service.
Remember not to cancel your old policy until the new one is effective. A policy is only considered effective when the insurer or its local agent has bound the coverage.
It’s crucial to provide truthful answers to all questions on the application. Incorrect information could lead to an inaccurate price quote or the denial or cancellation of coverage.
Once you have selected an agent, ask the following questions:
• Am I in your lowest-priced company or tier? If not, why?
• How can I get a better rate?
• What perils or coverage is excluded or limited in the policy?
• May I add the peril or coverage back into the policy?
Find more information to understand your insurance premium and rate at the Mississippi Insurance Department’s website, online at https://www.mid.ms.gov.
