Florida Policyholders: Notice to policyholders recently affected by severe weather. 

Watch Out for These Insurance Pitfalls

When you've taken the right steps for insurance protection, it can make all the difference. Don't make these common mistakes...

In order for any insurance plan to protect you properly, you need to have the right coverage in place. Luckily, a little research upfront can save you a headache—and a great deal of money—if you experience a loss. Read these five common insurance pitfalls. 

1. Your home is underinsured. If you had to rebuild your home in today’s market, would your homeowners’ insurance sufficiently cover the expense? Many homes are insured based on values that are underestimated—especially homes that have undergone expensive home improvements and renovations.
Solution: Ask your agent to visit your home and review your insurance coverage.
 
2. You don’t know what’s excluded. Don’t wait until claim time to find out what is—and is not— covered. Make sure your agent understands your particular situation.
Solution: Ask your agent to explain situations that may not be insured and discuss options for insurance coverage.
 
3. Your insurance is handled by multiple agents. Over time, you may have acquired assets and decided to work with different agents to provide insurance.  For example, your residence may be insured with one agent and your vehicles with another and maybe additional assets with another. This piecemeal approach could cause gaps in coverage that aren’t revealed until a claim is denied.
Solution: Discuss your insurance needs with an independent agent who can work with multiple insurance companies to find the best coverage for all your needs. This may also provide an opportunity for discounts that may not have been available before.
 
4. Only purchasing the legally required amount of liability for your car. Buying only the minimum amount of liability means you could pay more out-of-pocket if you are sued. And those costs may be steep in today’s litigious society.
Solution: Consider increasing liability limits to protect your assets. You may also want to purchase an umbrella insurance policy which provides additional coverage for an affordable premium.
 
5. Assuming you don’t need renters insurance. Landlords purchase insurance to protect the building against loss. That doesn’t insure your personal property. Nor does it provide insurance if someone is injured in your house, condo or apartment.
Solution: If you rent, purchase renters insurance. You may also want to ask about additional coverages for valuables such as electronics or jewelry, as well as coverage for floods, earthquakes or sewer backups.

Make the right choices when it comes to your business and personal insurance. To get started, contact one of our agents today. As an independent insurance agency, we work with many of the nation's premier insurance companies so we can offer you options for both coverage and premium.

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