Happy National Insurance Awareness Day! June 28th has been set aside as a day to encourage us to review or purchase an insurance policy. Insurance coverage is something we rarely think about until we face a situation where “we would have been protected, if only we had insurance”. Each type of coverage whether auto, life or home insurance offer a layer of protection to guard yourself against the unexpected. Insurance will offer you security, covers your loved ones and helps to recover from a loss in the event of damage, sickness or death. Our lives constantly change, that is reason enough to review or purchase coverage to ensure you are properly protected on National Insurance Awareness Day.
Observing National Insurance Awareness Day
- Life Constantly Changes
We go through life making change after change whether it’s a new job, having a baby or purchasing a home. These changes are so huge and significant it is important to review insurance coverage. But there are other changes in our life that require a bigger change in our insurance coverage needs. A change like this would be receiving jewelry as an inheritance from your grandmother requiring a special property endorsement to your home insurance policy. As soon as changes occur, review your policies so that you do not forget before it is too late.
- You Change
We are always making changes in our lives and as young adults, we never thought about buying insurance because we believed it was unnecessary. But as we grow and mature we start to think about taking better care of ourselves and a current insurance policy purchased months ago may not be the ideal coverage to suit your needs now. For example, your auto insurance coverage deductible you could stand to increase to save on your monthly premiums. With that change though you may have to set money aside for the extra expense you will incur to meet that higher deductible if a claim occurs. As you and your life circumstances change, your insurance needs grow significantly.
- Insurance Coverage Needs Change
Comparing insurance coverages is beneficial to you because it will help determine the coverage that meets your needs. Making an appointment with your agent is ideal because that conversation will determine if you have gaps in coverage. Sit down with your agent, policies in hand, to determine if a better option in coverage is out there. Exploring other options available makes you an informed consumer with an understanding in cost and benefits of different coverage options.
Types of Insurance Coverage
Homeowners Insurance
- Dwelling coverage protects the physical structure of your home if damaged by named perils.
- Policy covers other structures on your property such as a fence or detached garage if damaged by a covered peril.
- Your policy covers personal property if stolen or damaged by a covered peril.
- Additional Living Expenses if your home is inhabitable after a covered risk your policy pays for temporary living costs.
Flood insurance
- Covers up to $250,000 in replacement cost coverage on your home and $100,000 in actual cash value of your personal possessions.
- Your choice of deductibles will affect the cost of your policy.
- There is a 30-day waiting period for a flood insurance policy to go into effect.
Renters’ Insurance
- Personal property coverage protects your belongings from a covered peril.
- Liability property will protect you from third party claims.
- Loss of Use covers temporary housing if insured property becomes uninhabitable.
Life Insurance
- Term life insurance offers lower premiums with coverage only for a specific period of time.
- Whole life insurance accumulates a cash value and pays a benefit on the death of the insured.
- Universal life insurance offers flexible premiums along with increases in death benefits and a tax-deferred investment option.
Disability Income Insurance
- Provides benefits that replace lost income when you cannot work due to illness or injury.
Finding the right insurance that meets all your coverage needs is too important to leave unattended for too long. Contact us at any of our offices to assist you in searching for additional coverage or to answer any questions you may have regarding your insurance policies. And Happy National Insurance Awareness Day!