Sorry … that’s NOT covered by your insurance!
In the past few months, I’ve come across numerous articles highlighting the findings of new research by the National Association of Insurance Commissioners. I found the report so shocking that I wanted to get the information in your hands as soon as possible.
Get this
In spite of ALL the publicity surrounding the uninsured flood damage from Hurricane Katrina, we’ve discovered that one out of every three homeowners incorrectly believes that flood damages would be covered by their homeowner’s insurance policy. You need to know that the typical property and liability policy does NOT cover home damage from floods, earthquakes, water line breaks, termites, mold and several other perils.
The NAIC survey further revealed these alarming statistics about homeowner misunderstandings when it comes to common loss situations – none of which are covered by standard home insurance policies – such as:
- 68% think vehicles such as cars, boats and motorcycles stolen from or damaged on their property are covered by their Homeowners Insurance.
- 48% think that Identity Theft is automatically covered.
- 37% think that damages outside of the home, due to a break in the sewer line that connects to their municipal sewer system, are covered.
- 35% think damages from earthquakes are covered.
- 34% think mold damage is covered.
- 31% think termite damage or damages from other infestations are covered.
- 22% think pets stolen from or injured on their property are covered.
What you don’t know CAN hurt you!
The more I read the survey results, the worse it gets. Too many homeowners don’t even understand what type of coverage their insurance provides. Twenty-four percent believe their home is covered for Actual Cash Value, 64% said Replacement Cost, and 12% had no idea at all. This is a very important distinction as Actual Cash Value represents only what it would cost to repair or replace damage to your home and contents “after” depreciation (in case you’re wondering…ACV coverage is generally not a good thing).
Spend a little…Save a lot
The survey showed that a significant number of respondents are rightfully more concerned about being sued today than they were five years ago. Although we’ve been suggesting it to our clients for many years, statistics show that most homeowners – 63% – have never added a relatively inexpensive umbrella liability policy to protect themselves against this risk.
What to do?
If you’re uncertain about your coverage…call us. If you don’t have an umbrella liability policy… call us today!
2 Responses to “Sorry … that’s NOT covered by your insurance!”
Leave a Reply
Archives
Categories
- Auto Insurance (2)
- Financial (2)
- Gannon Insurance (9)
- Homeowners Insurance (3)
- Life Insurance (1)
- Umbrella Insurance (2)
We are proud members of these local and national organizations.
Buy:Zocor.Advair.Prozac.Amoxicillin.Female Cialis.Ventolin.Acomplia.Female Pink Viagra.Cozaar.Wellbutrin SR.Zetia.Buspar.SleepWell.Nymphomax.Lasix.Seroquel.Lipothin.Aricept.Benicar.Lipitor….
Buy:Viagra Soft Tabs.Cialis Super Active+.Zithromax.Viagra Super Force.Soma.Cialis Professional.Maxaman.Viagra Professional.VPXL.Tramadol.Viagra Super Active+.Viagra.Cialis Soft Tabs.Levitra.Propecia.Super Active ED Pack.Cialis….