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After The Storm: What You Need To Know About Your Insurance Coverage

Insurance should not be complicated. Learn ways to simplify and understand your insurance. Protecting your assets should be a priority and cost effective.

 

To many people insurance can be complicated; what kind do I need, how much coverage should I have, and what company is dependable. Many individuals, families, and business get just the amount they need to purchase a home, drive their vehicle legally around town, and just enough business insurance to avoid costly fines. However this approach leaves a gap that can be catastrophic. Just ask some of the families and business that experienced serious losses during some of the . Obviously these are extreme cases, but because of these recent events many people are reevaluating their protection.

Reviewing your insurance policies should be done at least on an annual basis. Most families and businesses are not adequately insured when it comes to their home, auto, business, or life. For example most people do not have liability insurance, which would protect them above and beyond their current homeowners and auto policy. This type of policy would protect against lawsuits and similar claims. Typically this coverage for individuals is relatively inexpensive. Another example is homeowners insurance. With the price fluctuation of homes and materials to rebuild them coverage should be based on what it would cost to rebuild your home not its market value.

A review should consist of the making sure you have the right kind of coverage, the right amount, and make sure you have a solid insurance company backing you. Depending on your circumstance it may be to your benefit to visit with your agent more than once a year.


There are many strategies to make sure you are adequately protected and not pay unnecessary high premiums. Finding a good local agent, reviewing your policies, and understanding what you have are ways to be more efficient and effective in protecting your assets and future.

Jason Levy is the President of Professional Insurance Services. Omar Fuentes is the Senior Risk Manager. They both pen this blog for Westchase Patch.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Sherri Lonon June 29, 2012 at 10:33 PM
Thanks for sharing this timely advice!
Omar Fuentes June 29, 2012 at 11:19 PM
Sherry, You are most welcome! Please let us know if there are any topics that you may want us to touch on as well. Thank you for taking the time to read this and respond. Omar F
JS June 30, 2012 at 02:58 PM
Omar, Great quick read with good advice. Question: how does one determine the cost to rebuild (versus market value)?
Omar Fuentes July 01, 2012 at 02:07 AM
JS, that is a great question. You can hire a surveyor or use an online rebuild calculator. Unfortunately you probably cannot depend on and online calculator for a definitive answer, but it can be used as a guide. Since most people will not hire a surveyor, besides the fact it is not cost effective, the best thing to do is actually review your coverage with your local agent. They have access to a lot of information that can assist with this calculation. Part of his or her job is to help manage your risk. I hope this helps. Omar F

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