04 Feb Coverage Gaps People Discover Too Late
About The Author
Meriaha Mitcheltree, CISR – Personal Risk Advisor
As a Personal Risk Advisor, Meriaha specializes in client service, generating new business opportunities while delivering personalized solutions to address our clients’ multifaceted challenges.
The beginning of the year brings new cleaning and tidying things up, and your insurance policies shouldn’t be an exception. Many people make big changes throughout the year and forget to update their policies, which can leave unexpected gaps in protection.
Most people don’t realize coverage gaps exist until something goes wrong. That might mean not having enough coverage, having the wrong type of coverage, or not knowing certain items needed to be insured at all.
Homeowners Insurance
With rising construction costs, labor prices, and inflation, your home may cost more to rebuild today than it did when your policy was written. If your dwelling limit hasn’t been reviewed recently, your home could be underinsured. It’s also important to look at your personal property limits, deductibles, and optional coverage like water backup or loss of use.
Auto Insurance
A new vehicle, a paid-off loan, or changes in how much you drive can all affect your coverage needs. The same goes for adding a newly licensed driver to your policy or if you regularly use a company-owned vehicle for work. Liability limits, deductibles, and optional coverages like rental reimbursement or uninsured motorist protection should be reviewed to make sure they still fit your lifestyle.
Personal Articles Coverage
High-value items like jewelry, collectibles, musical instruments, or firearms often need special coverage. These items are usually limited under a standard homeowner’s policy, meaning they may not be fully protected without a separate policy or endorsement.
Umbrella Insurance
As your assets grow, so does your risk. An umbrella policy provides extra liability protection and can be especially important if you own rental property, recreational vehicles, or just added a newly licensed driver to your household.
Life Insurance
Life changes such as marriage, children, or new financial responsibilities should always prompt a review. Beneficiaries, coverage amounts, and term lengths should be kept up to date.
Pet Insurance
A new pet brings joy, but also unexpected vet bills. Reviewing or adding coverage can help protect your budget from costly emergencies.
Insurance isn’t one-size-fits-all, and it isn’t something you set and forget. A simple annual review can uncover small gaps before they become big problems. The start of the year is the perfect time to build the habit of checking in on your coverage and making sure it still matches your life.
Unsure what coverages gaps you may have? Contact one of our talented Risk Advisors today!
No Comments