In today's world, it can be easy to not give your insurance a second thought. We usually never think about it until we find ourself in a crisis and need to use it! Problem is, that approach often leaves us wanting and insufficiently protected.

Make some time for you to look over your home, auto, and/or business policies and check out these pieces of information:

1. Do you have your home insured sufficiently to have it rebuilt in the event of a total loss? Ask your agent if you are not sure. They should have some programs that will estimate the cost of rebuilding your home using very recent numbers. This is NOT the same as the market value of your home or even what you paid for your home.

2. Check out your deductibles. These are the amounts you would have to pay BEFORE your insurance would pay for any loss. Having a lower deductible is not always as expensive as you might think. You need to know that sure, you can save some money with a $1,000 deductible over a $500 deductible, but that means you have to have that in cash to cover a loss before your insurance company pays a loss; therefore, you must plan and save accordingly.

3. Are you carrying the lowest allowable limits for auto insurance liability? If so, there is a good chance that if you are underinsured! Right now the lowest liability limits in Texas are $30,000/$60,000/$25,000. That means you get $30,000 maximum for bodily injury per person per accident, $60,000 maximum for bodily injury per accident, and $25,000 property damage per accident. If that seems like a lot, it isn't in terms of a serious accident. Some companies actually charge more for going with the lower limits than they do for higher limits. That is because they want to do what they can to provide adequate insurance limits for their customers.

4. Have you reviewed all the different coverages that come with your insurance policy. Too often, people do not get to use their insurance to reimburse them for covered loss because they are not aware of what their insurance covers! Be sure and ask your agent if you aren't sure when you experience a loss of any type.
Posted 9:05 AM  View Comments

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