What Are Common Gaps In Personal Insurance?

The various policies and coverages that make up your insurance portfolio can potentially ensure you’re able to endure accidents, natural disasters and unexpected circumstances that might otherwise incur devastating financial losses. These risks may be particularly prevalent for those who fail to identify and address common coverage gaps.

Common Personal Insurance Gaps
Consider the following common personal insurance coverage gaps:

• Home insurance—Also known as homeowners insurance, this type of policy can be rife with coverage gaps if you’re not careful and do not work with a qualified professional. Be particularly mindful of possible gaps, such as natural disaster exclusions (e.g., floods and earthquakes) and neglecting scheduled property coverage.
• Auto insurance—These policies may also be referred to as car insurance and are often legally required. Still, while one of the most commonly purchased types of insurance, auto coverage is easily misunderstood, necessitating awareness of possible errors, such as fulfilling only minimum requirements.
• Life insurance—The right life insurance policy can provide financial stability and peace of mind for you and your loved ones. However, insufficient or outdated coverage could have dire ramifications, exacerbating the already difficult circumstances of a grieving family. Avoid this hardship by considering potential shortcomings in your insurance, such as relying on employers’ group coverage or insufficient policy limits.
• Personal umbrella insurance—This type of insurance may not be as well known as others, but for many people, it can be just as important. An umbrella insurance policy casts an additional layer of financial protection over various liabilities that might exceed the coverage limits in other policies, such as auto and homeowners insurance.

For a thorough review of your personal insurance, contact us today.