Spring is a fantastic time to check off those routine maintenance items (think fire alarms, HVAC filters, windows). It’s also a great time to reassess your possessions and make sure that you are sufficiently insured. A disturbing number of Americans are under-insured. CBS reports that the number may be as high as 59%.
What are some common items that are frequently left un- or under-insured?
Ann Anderson of Anderson Insurance Agency says that recreational vehicles are some of her clients’ greatest culprits. RVs and boats are the big-ticket items – and if you own one or both you should definitely talk to your local insurance agent. But Anderson says that vehicle owners often leave themselves vulnerable by forgetting to insure smaller, recreational vehicles as well.
Summer often brings new recreational vehicle purchases; clients are at least dusting off vehicles and bringing them out for play, so this is a good time to think about insurance coverage.
ATVs, motorcycles, dirt bikes . . . these need to be insured. If you cause damage to a person or property with one, you’re liable and you’re responsible for repairing the damage.”
Other valuables you might be forgetting to insure?
Jewelry, art, furs, guns, musical instruments… the items don’t have to have such a large price tag and insuring them will give you peace of mind.
Just ask yourself… ‘If I lost this in a fire or to theft, would I be devastated?’ Anderson cautions. “Talk to your insurance agent about options before something you could never predict happens. It never hurts to be informed.”
With so many individuals working from home in small businesses or as self-employed business owners, homes today contain lots of expensive computer equipment, software, and mobile devices. These should definitely be insured, and often they aren’t. This applies to specialty tools as well, even tools that you own for your hobbies.
And, what about your hobbies? Many people overlook their quirky collections to their detriment. It doesn’t have to be worth a million dollars, but if you have a special collection of antique knick-knacks, stamps, sports cards, books, silver service, or collectibles of any kind, you should be talking to your agent about their worth and whether they can be included in your coverage.
Many family heirlooms are worth more than people realize or really think about, Anderson says. But if your home has a lot of furniture or artwork that adds up to something valuable, you need to be covered. A policy can’t replace your possessions, but a good insurance policy can give you so much peace of mind if disaster strikes.”
Finally, think about all the expensive sports equipment you’ve purchased for your kids over the years. In a place as sports-focused as Frisco, these items can be an area of vulnerability for families and a target for thieves.
What about your furry friends?
Another frequently overlooked area for households, Anderson notes, is pet insurance. Pet insurance might simply cover potential vet bills or it might even extend to liability insurance, but it’s certainly worth discussing potential options with your agents.
In an emergency, vet bills can stack up. We always assume our pets will be healthy or that nothing will happen to them, but all it takes is a walk in the dog park or a cat darting out of a slightly opened door to change everything.”
We all know that insurance can be confusing. Anderson’s answer?
Talk to your agent,” she encourages people. “Tell them about recent purchases, big life changes, career shifts, and sentimental items. Don’t be afraid to ask even seemingly silly questions. That’s what they are there for – and they can’t advise you correctly without knowing about your situation.
It’s better to be over-informed than under-insured, every time.
And, if your current agent isn’t providing you with sufficient information or giving you the peace of mind that you hoped? Anderson is a local agent, committed to fully informing her clients and making sure that they are equipped with the information they need to make the right insurance choices for their families. Call her for a conversation today!