Myth: Umbrella Insurance Coverage is Just for
Rich People.
Umbrella insurance is not just for the wealthy. With the common occurrence of lawsuits, umbrella insurance is a must for every home, auto, and watercraft owner. Umbrella insurance is designed to give one added liability protection above and beyond the limits on homeowners, auto, and watercraft personal insurance policies. With an umbrella policy, depending on the insurance company, one can add an additional 1-5 million in liability protection.
Insurance Myths and Answers
Myth: All car insurance is the same.
When comparing policies, you can’t look at price and not consider the level of protection. Any provider can reduce your coverage limits to reduce your premium, but you end up at risk. Smart ways to save:
Increasing your deductible
Get all possible discounts
Talk to us periodically. Changes in life change needs.
Myth: Renter Insurance isn’t necessary if your stuff isn’t worth a lot.
Do you care about being sued? Renter insurance does more than protect personal property. It covers personal liability if someone gets hurt at home. Lawsuits are common, so be protected.
Also, the replacement value of personal property adds up quickly if you should lose everything in a disaster.
Myth: I have Health Insurance so I don’t need medical coverage on my Car Insurance.
Some health insurance plans limit coverage or have high deductibles, so having medical coverage gives you added protection. It will also cover passengers in your car regardless of who causes an accident.
Myth : Insurance Should be Bought and Used for Every Disaster
Insurance is designed to protect one from catastrophic disasters. An insurance rule of thumb: If you can pay for the loss or damage without a financial hardship then pay it, otherwise expect your insurance premium to eventually show an increase. Also, buying every type of insurance just isn't necessary. Sometimes the risk is worth taking rather than paying a premium
Myth: Flood Insurance is Only for People Who Live in a High Risk Area
Everyone who lives in a National Flood Insurance Program area is eligible and can buy flood insurance. These areas are not always prone to floods so even if you think your area is low risk you may be eligible. Check with your insurance agent to learn more.
Myth: Our Insurance Will Cover My Son When He is Delivering Newspapers.
If your vehicle is used for anything but personal use, then you will probably need to extend your personal auto policy to cover business use of your vehicle. Don't think just because you were unaware of your coverage’s this will get your accident paid for--your insurance policy is a contract that you agreed to adhere to. If you don't understand all the coverage’s in your contract you need to contact your agent about the questions you have.