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Dave's Top Ten
As 2006 comes to a close, no one should head into 2007 with gaps in their auto, homeowners or personal umbrella liability insurance coverage.
At The Bensman Group, we take great pride in the fact that every client of ours that has their auto and homeowner's insurance coverage with us, goes through an extensive review to be sure that appropriate coverages are recommended where needed.
Therefore in the interest of the saying, “an educated consumer is our best customer,” we wanted to share some of the most often overlooked gaps in managing one’s risks. Here is our top ten list everyone should be aware of:
1. Not having an umbrella policy, or having a policy with inadequate limits.
2. Replacement value on the home is not enough to completely rebuild the home after a loss.
3. No coverage for sump pump failure/sewer drain backup or coverage capped at an inadequate amount (like $10,000 or $25,000).
4. No separate policy for jewelry, furs, fine arts, etc., or the policy does not reflect current inventory and values.
5. Deductibles too low on home and/or autos.
6. No coverage for vehicle rental and/or towing listed on the auto policy.
7. Home policy limits or excludes “ordinance and law” coverage. (For example, a home suffers a kitchen fire that causes minimal damage. However because a new ordinance requires all new homes to have a residential sprinkler system, you’re required to retrofit your home with a sprinkler system to make it compliant with current building codes.)
8. Named insured clause on the policy is incorrect. (For example, one spouse is listed, but not the other spouse.)
9. Not all exposures accounted for on current umbrella policy. Umbrella premium (and coverage) is based on how many “exposures” are covered by the policy. A person with one home and two cars would pay less for a $5M umbrella than a person with two homes, five cars, a boat, and a 16 year-old driver.
10. Liability limits on auto and home policies do not meet underlying requirements of the personal umbrella policy.
As you can see from some of these examples, it’s what you don't know that can hurt you.
Please be sure this holiday season that you’re confident none of the above apply to you as a result of any major changes in your life that we may not be aware of. If you have any doubts or questions about any of your coverages in these areas, please contact me at 847-572-0820 or firstname.lastname@example.org.
Also, please feel free to pass on to family and friends that may unknowingly have some of these gaps in their coverages. They'll appreciate your passing along this valuable information.
All the best for a great 2007!
Please use the following link Bensman Group Referrals to contact us with the names of specific individuals that would appreciate an introduction to our firm.