Common Insurance Gaps
Buying insurance helps you share risk with your insurance company. However, not all insurance policies are completely comprehensive, which can lead to insurance coverage gaps. Consider these common gaps to ensure that you have the right amount of protection for your situation.
- Life insurance – your life insurance should provide enough coverage to allow your loved ones to continue living their current lifestyle when you are gone. Whenever you have any major life change, such as getting a divorce, having a baby, or paying off your mortgage, you should take a look at your life insurance policy to make sure that it is providing enough protection for when you are gone.
- Auto insurance – typical car insurance policies will cover the licensed drivers who are living at your house. Anytime your living arrangement changes, such as in a divorce or when your child moves back home from college, let your insurance agent know so that you can adjust your coverage if needed. You may also find gaps if you have to rent a vehicle while your car is being repaired after an accident.
- Homeowners insurance – most commonly, homeowners who are part of a homeowners association (HOA) will have gaps in their coverage. Take a close look at the master policy that is provided by the HOA to ensure that you have the right amount of coverage. You should also take the time to fully understand exactly what perils are covered and which ones are excluded so that you are not left uncovered during a disaster.
When looking for the right home, auto, and life insurance policies that will provide the right amount of coverage, contact the insurance professionals at Young Insurance in Burbank, California. We will work with you to ensure that you have the protection that you deserve, all at the right price to fit your budget.