Here are five things that you need to know as you consider your insurance options.
- You cannot add coverage for a claim that has already occurred. For example, if there is flooding in your area, you cannot buy flood insurance during an event.
- Coverage gaps can be costly. Having a gap or lapse in coverage can be costly. Always pay your premiums on time, or ask for a grace period from your insurer. You will end up paying more if you have lapses in your policy.
- Insurance is not intended to cover everything. Insurance is designed to provide financial recovery after an accident or unforeseen loss. Every policy has exclusions that are important to understand. Remember, insurance is not intended to cover regular maintenance.
- An agent can be a valuable resource. A licensed agent can help you find the best possible combination of coverage, price, and service that fits your individual needs. A good agent will be willing to answer any questions you may have and be there for you when a claim occurs.
- Do not skimp on liability insurance. The cost of litigation these days underscores the need for everyone to have an adequate amount of liability insurance. The greater your assets are, the greater your need is to have your assets covered. To protect yourself and your family financially, buy enough liability insurance on your auto and home insurance policies to cover above your net worth. We can help you determine how much coverage your individual needs require.