Gaps in Your Policy Coverage Can Leave You Exposed

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:

• Any collections (coins, stamps, art, etc.),
• Pricey jewelry or watches,
• Electronics.

 
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.
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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.