You may think since you’re paying such high premiums for insurance that you are 100% protected from all the curveballs life tosses at you, right? Well, you might actually be less covered than you think.
If you own a home, auto or business, you likely are insured. However, that doesn’t always mean it’s going to be enough for when disaster strikes. These are some of the most common ways that your current insurance coverage might not be playing fair.
The #1 Mistake in Business Insurance Coverage
The biggest mistake business-owners face in their insurance is not having business valuations. It’s common that businesses aren’t appraising the value of their property and therefore unable to get the right amount of money in coverage. Even shop or business owners who do get valuations frequently don’t assess the value of the things inside their building(s.) Having valuations helps easily get the right amount of money from insurers without having a heated battle.
Our advice: If you can, get annual or bi-annual business valuations. It’s also highly recommended that you purchase “business interruption insurance.” With that, you will be able to much more seamlessly reopen your business in the event of a disaster.
The Biggest Blunder in Car Insurance
No matter what state you’re in, you are legally required to have auto insurance. However, many mistakenly think that just because they are paying for auto insurance that they will be “in good hands” when and if they need to use it. In reality, only things like liability and personal injury protection are mandatory for minimum legal car coverage. Those of us trying to skimp on car insurance costs by using discount insurance plans should probably reevaluate their current plan.
Collision coverage, which comes in when you have an accident, is actually considered “optional.” Comprehensive coverage, which protects from vandalism, weather and fire, is also “optional.” However, for most of us, we would have to disagree. Collision & comprehensive coverage seem pretty essential, in fact.
Our advice: In order to protect yourself and family, it’s best to meet with an insurance broker who will help you choose the right options for your particular needs.
Homeowner’s Insurance Headaches
Many homeowners just assume that if they have insurance on their home that they would receive the full price to replace it in the even of damage from things like hurricanes, earthquakes and floods. However, even some that have policies that say “all perils” are covered, it might have some exceptions that might not end up covering homes that needed to be rebuilt with stronger, more expensive materials. Also, they might limit the length of time they pay for hotel stays during home repairs.
Our advice: Homeowners should meet with their insurance agents once a year to make sure they know what things are covered.
Condo Owner’s Insurance Gap
It’s not just homeowners who have struggles with insurance coverage. Furniture, TVs, and other things might not be covered by your association’s policy.
Our advice: You need to review your master deed to see if it tells you just what it covers,. You may want to purchase insurance on things that aren’t protected.
Don’t fall into the trap of these common insurance gaps. Instead..get smart by checking your policies with one of Smoker-Sheaffer’s highly knowledgeable insurance brokers.Pages: