You may have auto insurance and home or renter's insurance in place to make sure you are covered in case of an accident. But, depending on the circumstances of a claim, you may have coverage gaps in your insurance, and policyholders that do put themselves, their family and their possessions at risk.
You should review your policies to see if you have any of the following gaps in your coverage: Coverage for your valuables This would include:
Most homeowner's policies will typically have a set limit for loss or theft of personal items, such as $3,000. Umbrella policy Regardless of whether or not you're at fault for an accident, you can still get hit with a personal injury or liability lawsuit. And when that happens, you can expect extra costs to mount quickly, what with lawyers' fees, hospital bills, pain and suffering payments. All of that combined could quickly exceed your homeowner's or auto policy limit, and then your assets would be at stake. Transportation expenses coverage Does your policy cover a rental car or other form of transportation if your vehicle ends up in the shop after an accident? If not, some carriers offer a transportation expenses rider. Transportation expenses coverage can apply to two types of claim: a comprehensive claim (resulting from something other than collision, such as fire, theft or vandalism) and a collision claim (resulting from physical damage to your vehicle caused by rolling over or hitting another vehicle or object). After a comprehensive occurrence, a transportation expenses policy kicks in to provide a set coverage for a rental car. Flood insurance The federal government offers coverage through the National Flood Insurance Program. It's definitely worth considering, as people who live outside of high-risk flood areas file more than 20% of claims with the program. Not keeping your homeowner's insurance up to date If you've made upgrades to your home, tell us about it before your next policy renewal. If you don't, you run the risk of coming up short if you have to rebuild after a total loss. Report to us all remodeling or renovations, so we can help determine the effect on your home's replacement cost. Typically, guaranteed replacement cost rules require that you report home improvements worth more than $5,000 within 90 days of completion. As you can see, there is plenty that's easy to overlook when it comes to your insurance and protecting yourself and your assets. If you're concerned about any of these issues, call us today.
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Rod Hanks
Rod has owned The Hanks Group, a Leading Nationwide Insurance agency since 1999. We help families and business owners protect their most valuable assets with a broad range of insurance products. We believe that finding the right auto, home, life and commercial insurance for our clients Starting out with 1 employee in a small office in East Dallas, The Hanks Group has grown to be one of the largest Nationwide Insurance Agencies in the Dallas Fort Worth Metroplex, with offices in Dallas and Fort Worth. Rod is always available to answer any questions about insurance or business at 214-275-8372 Archives
October 2018
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