Most people would be surprised by all the things that their insurance policies don’t cover. If it’s been a while since you’ve updated your insurance, you might want to take a few moments to reassess that coverage. After all, it’s vital that you know whether you are protected in case of an emergency.
Look at Your Contract
The first step in ensuring that you are protected in case of an emergency is to look at your insurance policy to figure out exactly what is and is not covered in your policy. A standard policy may not include everything that you assume it would, and on closer inspection, you might find exceptions made for a host of different potential emergencies. If you can’t remember what you were originally trying to protect against, you’ll need to take a close read of your policy.
Think About Coverage
The next step is to figure out what you need coverage for and whether your current policy already has that covered. If you are worried about flood insurance, for example, you’ll need to see if your current policy has any exclusions for that type of natural disaster. If it does, then you’ll need to look to see what needs to be done in order to get the protection you need. Sometimes a simple phone call will be enough to allow you to get a bit more protection without switching insurance providers. But if you live in a flood plain flood insurance may be expensive. On the other hand, if you live where hurricanes are prevalent there may be exclusions or limitations on the amount of hurricane coverage you can get.
Assess the Cost
You’ll also want to take a moment to assess the cost of certain types of coverage and then weigh them against the likelihood of the issue occurring. It makes sense to get sinkhole coverage if you are in an area where sinkholes are very common, for example, but it might not be worth the payment if the conditions for sinkholes don’t exist in your area. Assessing your insurance coverage doesn’t mean ensuring that you have every possible type of coverage, but you should ensure that you have the types of practical coverage that you need.
Talk to Your Insurance Broker
Finally, you’ll want to talk to your insurance broker about the types of coverage you need. You might be better served not just by adding to your current contract but by looking for an entirely new policy. A broker can help you to find the most affordable way to get the coverage that is important to you.
Don’t be afraid to look for a new policy if you don’t have the right coverage. Emergencies do occur and you need insurance that will properly protect you. Though you’ll never find insurance coverage for everything, you can find the kind of coverage that is most likely to keep you safe.
You might also like:
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- 4 Signs You’re Financially Ready to Buy a Home
- What You Need to Know about Different Types of Homeowners Insurance
About the Author: Anita is a freelance writer from Denver, CO. She studied at Colorado State University, and now writes articles about health, business, family and finance. A mother of two, she enjoys traveling with her family whenever she isn’t writing. You can follow her on Twitter @anitaginsburg.
