The biggest investment most people make in a lifetime is the purchase of their home, and most people keep their most valuable possessions inside their homes. It's scary to think that your home and property could be lost or damaged instantly and without warning due to fire, weather, theft or some other unexpected event. One of the most common mistakes people make when purchasing homeowner's insurance is undervaluing the replacement costs of their belongings, and they usually do not realize they've undervalued any of their property until it's too late.
Purchasing the proper insurance coverage based on your home's value, the property contained within, and other factors, including environmental threats specific to your home's location, will provide you with peace of mind and a sense of security. At Brown & Brown, we have experienced professionals ready to sit down with you and go over your property, assets, and insurance needs in order to make sure that you are keeping your valuable investments adequately protected.
Don’t forget Flood Insurance!
During the course of a 30-year mortgage, your home is nearly 26 times more likely to be damaged by flood than fire, yet only 25% of homes in areas most vulnerable to flooding actually carry flood insurance. Always remember that investing a little can save you a lot!
Most people would agree that auto insurance is the easiest insurance coverage to understand and purchase on their own. Unfortunately, this is not always true. Although bodily injury liability insurance covers medical treatment, rehabilitation for injuries, and/or funeral costs incurred by your passengers, the other driver, their passengers, and even pedestrians in most states, the state minimum requirements are much too low to protect the assets of most motorists. State required minimum property coverage limits are also inadequate; the average cost a new vehicle is $25,000 and the average state minimum property damage limit is only $15,000.
As is the case with homeowner's insurance, most people do not realize they don't have adequate protection until they need their insurance and realize it's not enough, and by then it's already too late. In addition to ensuring that you are adequately protected in the event of a serious car accident, there are also ways to save money and coverages that you carry but may not actually need - based on the state that you live in, your own assets and income, other insurance coverages you carry, and many other factors. Let one of our knowledgable personal insurance agents go over the specifics with you. We'll help you maximize your protection while minimizing the cost.
Do You Need a Personal Umbrella Policy?
It's easy to find out if you do. Just answer the following questions:
Do you own a home?
Do you have kids that drive?
Do you have any assets, such as real estate, an investment portfolio or a retirement plan that you want to protect?
Do you sit on the board of a non-profit organization?
If you answered “yes” to any of the questions then you definitely need a personal umbrella policy!
The purpose of an umbrella insurance policy is to provide an extra layer of coverage in addition to your auto, homeowners, and other personal insurance policies. This extra layer of insurance coverage will protect you in the event of a catastrophic loss. Umbrella policies not only provide coverage in addition to the coverage you already have, but also provide coverage in place of your personal policies if for some reason you incur a claim that your primary personal policies won't cover.
It may seem like the coverage provided by your personal policies is enough and that another layer of coverage is unnecessary, and in most cases that's probably true. But with the litigious nature of our society and the inability to predict what may happen in the future, there is always a chance that it won't be enough. The premiums for umbrella policies are reasonable and small, especially compared to the financial risk of not having this coverage. At Brown & Brown, we feel that an umbrella policy is an important part of personal risk management and we have the expertise to tailor this coverage to your unique needs.