Mind the gap – Fill the holes

Any time the topic of insurance catches your attention is a good time to check on yours. Exclusions and high deductibles cause major protection gaps. Once again a UP R2R survey documented that 2/3 of wildfire survivors don’t have enough insurance to pay for their rebuild.

Here are questions to ask your insurer or agent based on UP’s work with home and business owners:

Your home

“Are there exclusions or caps in my policy for damage from flooding, volcanic eruptions, hurricanes, earthquakes, wildfires and/or tornadoes? If so, do you sell coverage for those events and if so how much does it cost?

“How can I reduce the chances of my home being damaged and do you offer assistance/discounts for making specific improvements?

Your car

“Do I have rental car coverage while my car is being repaired? Are my UM/UIM and liability limits high enough to protect my assets in the event of a serious accident?

Your business

“Is my business interruption and inventory replacement coverage adequate for my specific operations?

Your assets

“Do I have enough liability insurance to protect my assets if I get sued?” Will this policy cover my legal fees and fully indemnify me?

Take notes of the conversations take action to fill the gaps, store your notes in a safe place.