Happy Halloween!
There is no time like today to share some spooky stories...spooky INSURANCE stories.
Here are a few that we hope will help make you smarter as you are eating a ridiculous amount of candy.
We had a client with two water claims in the last year, who received a notice of non-renewal by their insurance company. When the client reached out to us, I thought the insurance company was considering both their water claims, as they had just filed one in the last couple weeks. It turns out, they were cancelled for just one claim, from last year. Insurance companies are trying to figure out ways to reduce their risk these days. That means, they may even cancel you with one water claim. Scary stuff!
We heard a story recently that someone failed to pay their car insurance. About a week after their policy was cancelled for non-payment, they had a car accident. Unfortunately, there was zero coverage for the accident, since they did not pay their bill on time. We know bills can get lost in the mail or misplaced under a stack of magazines at home. Please try to keep your renewal dates in mind or add a reminder to your calendar just in case you lose track of your renewal notices.
We review a lot of policies and at times notice that liability limits are lower than they should be on homeowners' policies. Are you worried about someone getting hurt in or around your pool, backyard, or trampoline? We are. A way to help reduce your worry, is to make sure you have enough coverage. The lowest liability limit available is $100,000. The highest available is usually $500,000 and sometimes $1,000,000, depending on the insurance carrier. The cost difference between $100k and $500k is usually $30-$75/year. We believe the extra few dollars a month is well worth the additional coverage. Hopefully, it will help prevent you from having any nightmares.
