As 2020 continues to throw curveballs at us, we can get lost in the shuffle of our day to day lives. The world we live in continues to change by the second. Information flows to us on a constant basis and is nearly inescapable. Between the 40% off sales, celebrities most recent drama, and back to school pictures, our lives are inundated with more information than we could ever consume.
With information overload it is easy to miss relevant advances or product changes/offerings that do not fit our que of social media interaction. This is information that has likely been pushed to us, but we have either missed, or did not take the time to review before scrolling on.
On top of it all we lose time to these distractions. Our minutes are in high demand – making the need for the information delivered to be done so quick, and to the point. So, let me hit you with a shot of what you may be missing in your personal insurance policies:
Sewer Back Up
Many policies come equipped with Sewer Back Up coverage – but how much? When that sump pump decides to fail, or the sewer line becomes overloaded and backs up into the house, do you have coverage to replace that basement you finished after moving in? Sewer Back up is mainly a limited coverage on a Homeowners policy. Often set with limits of $5,000 – which, if you are lucky, will cover an emergency call to a restoration service. The good news is, coverage can be increased, often for less than cost than your last tank of gas.
Many are unaware that water/sewer utility lines running from the street to your home are your property. The cost to dig up and repair such lines falls on the homeowner. In recent years, carriers have begun to offer coverage for such an event, and often at a minimal $20 annual premium.
Blanket Replacement Cost
In light of recent weather patterns, COVID, and other factors, the cost of building has continued to go up, quickly. Replacement costs of homes listed on policies that have not been reviewed in years may now be inadequate, and frankly so may be their coverage form. Many carriers have advanced to offer a guaranteed replacement cost to protect against these increased costs.
Uninsured/Underinsured Motorists – including Umbrella
Often sold at lower limits because it is “not needed” this is the one coverage as an individual you can purchase to benefit yourself on your auto policy. Providing protection for bodily injury you sustain from those individuals you accidentally come in contact with, who have lower than necessary limits to take care of your medical/disability needs. This coverage can be endorsed on your personal umbrella policy for a nominal fee to provide you and your family added protection.
And while we are on the subject, are you carrying a Personal Umbrella. In many states the minimum liability limit requirements are less than the cost of many vehicles. Even if we double Iowa’s required limits to $100,000, there are many vehicles on the road today that do not leave much for breathing room if we cause an accident with. Also, do you have a teen driver now who wasn’t discussed at your last review? A $1,000,000 personal umbrella can go a long way in protecting your assets
The lasting effects of COVID medically are yet to be seen, including how the life insurance industry will react to these uncertainties. Now is the time to review life insurance limits due to life changes. This includes all members of the family, even children. Purchasing whole life products for children now, may be the only protection their families can have in the future.
If you are anything like me, you did your part in social distancing, which included a quick lock-down at home. This likely had you looking at that master bath, that basement, the trim, maybe kitchen cabinets, and low interest rates helped fund dream projects. New pools went up, trampolines were delivered, and sales kept car lots looking bare. As we look to close out 2020, take time to review your personal insurance with us. Let’s make sure what you purchased still fits your needs and expectations.