Insurance can be confusing, but understanding the basics is vital for retaining proper coverage. The following are the top home and auto insurance challenges you may be facing.

1) Understanding Policy Exclusions

Navigating the various types of policies and understanding exclusions is one of the biggest challenges when it comes to home and auto insurance. Knowing what is excluded from your policy can help protect you from unexpected costs in case of an accident or other event.

2) Adjusting coverage options after life events (i.e., adding a teen driver to your auto policy, etc.)

Life events such as adding a teen driver to your policy can necessitate changes in coverage options. Additionally, things like marriage, a divorce, having a baby, or death can affect your coverage needs and options. Understanding these common issues can help you make informed decisions about your insurance needs.

3) Filing claims and understanding the claims process

Filing a claim can be a daunting process. It is important to understand the claims process in order to ensure that you are properly covered for any potential losses or damages. With this knowledge in hand, you can rest assured knowing that you have the right kind of insurance for your needs.

4) Managing rising premium costs

Managing rising premium costs is an important factor in making sure you have adequate protection at all times. Contrary to popular belief, there are some things you can do to help alleviate premium cost increases. Things like reviewing your deductible, auditing discounts, and shopping your insurance coverage with multiple carriers through an independent agent can help you control costs.

5) Getting the right insurance coverage

Not only do you have to consider factors like cost, but also the type of coverage that best fits your needs. Fortunately, there are ways to make sure you have adequate protection at an affordable rate. It’s best to work with your agent to determine what types of insurance coverage you need for your lifestyle and budget.

6) Understanding coverage details (i.e., what’s in my policy? Or what is/isn’t covered?)

Similarly to familiarizing yourself with your policy exclusions, you need to understand what your policy actually DOES cover and for what amounts. Many homeowners policies have automatic coverage built in for additional structures like detached garages, fences, and sheds. Some auto policies offer coverage for towing and rental reimbursement in addition to liability and physical damage. It’s important to review your policies with your agent to go over these details.

7) Addressing coverage gaps (i.e., additional coverage options for expensive personal items)

Addressing any potential coverage gaps will ensure that you have the right protection for the things that matter most. Talk to your agent about scheduling high-value items like jewelry, firearms, wine or art collections, or other personal items. As these items increase in value, you’ll want to review this schedule with your agent since policies will cover these items for a stated value, usually for all causes of loss.

If you have insurance questions, we’re here to help! Contact us to discuss your policy and coverage needs.