5 Steps to Avoid Coverage Gaps In Personal Insurance

There are 5 steps you can take to avoid coverage gaps in your insurance portfolio.

1. Assess liability risks. Certain policyholders may need to manage greater liability risk levels. For example, if you have children or pets, you may want to retain more coverage in your home insurance policy. Similarly, additional financial security may be advisable if you have a teen driver listed on your policy.
2. Understand endorsements and options. Familiarize yourself with all of the features and enhancements that might be available. While a standard home insurance policy may be sufficient most of the time, specific exclusions, such as for floods and hurricanes, could mean the difference between weathering a financial storm alone or being buoyed by financial aid.
3. Enlist assistance. The knowledge and experience of a qualified insurance professional can be invaluable as you seek to purchase or reassess the components of your personal lines coverage.
4. Consider recent life events. When your circumstances change, you should revisit your insurance policies. Getting married, having a child, buying a home or car, or moving should all trigger this process, as failing to do so could lead to you being underinsured relative to your new circumstances.
5. Appraise your belongings. Save receipts and document the condition of your possessions, and consider enlisting the assistance of professionals to appraise certain items, such as fine art and jewelry.

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