What Insurance Records to Keep
Insurance is an important part of protecting yourself against financial uncertainty. Unexpected events like a car crash, illness or house fire can result in large expenses that may be difficult to pay without insurance. Insurance policies often involve a variety of forms, correspondences and other documentation. It is important to keep a variety records for any insurance policy you have for as long as the policy is active.
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Insurance Contract
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When you sign your insurance policy, the company should provide you with a contract (often a packet or booklet) that outlines the terms of the insurance policy. The documentation should contain information such as what types of losses are covered, your deductibles and the limits of your coverage. Keep a copy of the contract for your records so you can refer back to if you need to make a claim.
Bills
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Consumers must pay fees called premiums to maintain insurance coverage. When you pay your premiums, you should keep a record of the amount paid, and period covered by the payment. According to the IRS, certain insurance costs, such as health insurance premiums, may be tax deductible; having accurate records of insurance payments can make it easier to claim tax deductions on insurance. Accurate records can help you resolve problems that arise with regard to your payment history.
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Records of Property and Damage
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If you have an insurance policy that covers damage done to a certain piece of property, consider taking photographs or video of the property to document it for your records. When property covered by an insurance plan is damaged, create records of the damage. For instance, if you get in an auto accident, take photographs of the crash scene and the damage done to your car and other cars. Records of damage and accident scenes may help the insurance company determine liability and damage done to your property.
Insurance Claims
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Save all information you receive from your insurance company related to claims you make on your policy. If a loss occurs that is covered by your insurance plan, you must contact your insurance company to make an official request for payment. Save correspondence such as e-mails and letters between you and the insurance company.
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