Scams or frauds are common in the financial, banking, and insurance industries. It does not only take dollars from your pocket. It also creates fear, skepticism, and doubt about your plan to invest for your future with the help of a reliable independent insurance agency.
Today, we want to share with you some fraudulent practices and how to avoid them.
- Home Insurance Fraud.
Because it’s a multi-billion dollar industry, homeowners could experience fraudulent transactions. Uncertified agents could provide false or misguided information about your home and deny your claims. You may also meet contractors pretending to provide home repairs to improve the value of your property with hidden risks. Dishonesty and unprofessional behaviors can be prevented when you partner with a licensed insurance agency in Rochester, Minnesota. Make sure to do a background check, read reviews about the company, and make yourself updated with homeowner policies.
- Auto Insurance Fraud.
This could be done by an agent or a policyholder. An unauthorized agent is doing this to get money on bogus policies with no intention of paying claims. On the other hand, an insured person may do this through a staged car accident to obtain payments. To protect yourself from a fraudulent agent, check the state department of insurance in Minnesota if the agency is registered or not.
For more information about insurance frauds, don’t hesitate to get in touch with our professionals here at Safechoice Insurance Agency. Our dedicated staff members are ready to answer your queries. Contact us today!