If you own a home or a car, you probably have purchased insurance policies to help protect your investment, and more than likely, your employer provides you with a life insurance policy. Oftentimes, however, many people who have these insurance policies believe that they are covered from loss when, in fact, they are not and have gaps in their insurance without even realizing it. If you have questions about your coverage in Willmar, Minnesota, MG Insurance Inc. is here to help. Read on to learn more about how to protect yourself from gaps in home, life, and auto insurance policies.
Common Homeowners Insurance Gaps
It is crucial to understand what your homeowners policy protects and what it doesn’t cover. Many people think that an insurer will cover the full cost of the home in the event it is damaged, however, many policies place a cap on the replacement amount. It has been estimated that 60% of homes are underinsured and would not be replaced in the event of a disaster. If you have made renovations to your home, you will want to update your insurance policy because that could increase the value of your home. To help ensure that you are fully covered and that there are no insurance gaps, you will want to review your homeowner policy every year with your insurer.
Review Your Life Insurance Policy
Life insurance is intended to help your family to continue to be protected in the event that something happens to you. It can help to pay off a mortgage, help with college tuition, etc., and if you receive life insurance through your employer, it may not be enough to cover your family’s needs. If you have had a job change, your life insurance may also be affected, and you may want to add an additional life insurance policy to ensure your loved ones are taken care of. To ensure that there are no gaps in your life insurance, you should review your annual income and expenses to make sure that your current life insurance policy matches your needs.
Auto Insurance Evaluation
Not all auto insurance policies are equal, so you will want to speak with your agent to make sure you fully understand what your policy covers and who it protects in the event of an accident. If you have experienced a life change, such as a child moving out for college or if you become divorced, you will want to update the policy for appropriate coverage. You may also want to check what your policy protects in the event of damage to tires, shocks, batteries, etc., and if the policy covers a rental car while your vehicle is being repaired to avoid any insurance gaps.
Having insurance gives you the peace of mind that you are protected if any issues arise, and it is important to ensure there are no gaps in coverage. If you have questions about your insurance protection, contact MG Insurance in Willmar, Minnesota today for a consultation.