Throughout my four year career in the insurance industry, I have been fortunate enough to work with a wide variety of clients, with very different needs. Being in my field, it is very important that I, as a professional, provide the right type of products to my clients to make sure that their need is taken care of.
The interesting thing that comes about that is that many consumers these days do not understand their home insurance. Because of this, consumers are being provided home insurance policies that may or may not have coverage’s that legitimately protect them when it’s needed most. It is important that you have a professional that truly cares about your well-being as a client analyze your insurance situation.
Now let’s go back to the need; if you are buying your first home and a professional doesn’t tell you about a coverage, how will you know if you need it or not? That’s the main problem with the insurance industry today. There are not enough professionals out there that truly take care of the customer.
Here are some common insurance features that go missing from an insurance policy:
Water Backup Coverage
Did you know that if you have a sump pump in your house and it overflows, it is actually not covered under a standard home insurance policy? During storms, this affects so many people that it is actually the number one claim filed in the district. This coverage protects your home structure and your personal property and it has specific limits associated with it.
Replacement Cost on Personal Property
Not having this coverage means that if you ever have a loss to your “stuff,” the insurance company will factor in depreciation in to your loss. Look around your home. Imagine getting the depreciated value of all of your things if your home burnt down. You’d be coming out of pocket a ton to replace your belongings.
Insurance companies have very specific limits on jewelry, fine arts, and many other items. If you are walking around with an expensive piece of jewelry, it is important that you look into having separate insurance on that piece. It will be covered anywhere for any type of loss, with a zero dollar deductible.
Depending on your homes worth and your current assets, as well as if you have children; having excess liability can protect you from having your wages and home at risk. This is a case by case scenario, but I have seen a ton of people with many assets, with poor liability coverage. If someone was seriously hurt in their home, they could literally lose it all.