20 Mar Do I Have Enough Insurance?
As responsible adults, we like to think that just having an insurance policy is enough to cover losses if they occur. But in some cases just having the policy is not enough. The amount of insurance coverage you maintain is just as important as the policy itself.
For example, the law only requires you to carry $20,000 per person, $40,000 per accident for bodily injury liability, and $10,000 per accident for property damage liability in coverage here in Connecticut. That may seem like a lot of insurance. But you must remember that does not include any damage to your own vehicle or yourself. It only covers liability. Plus, you must meet any policy deductibles you have set before your insurance will cover the claim.
If you are a homeowner, your mortgage company may require you to carry a certain amount of insurance to protect your investment. But you want to be sure you are protecting your belongings as well. Check your policy to make sure you have all the coverage you thought you had. For example, if you live in an area that is prone to flooding, you will need to have a separate flood insurance policy to cover any damage done by flooding. Your regular homeowner’s policy does not cover flood damage.
Life insurance is also another coverage that you will want to review as well. Make sure you are leaving enough for your loved ones so they may continue on with their current lifestyle after you have gone. Remember to calculate for the future when figuring out how much life insurance you may need. Think about future college plans, weddings, vehicles, etc.
Call us at [astPhone] for some guidance and suggestions. We would love to help get you all the coverage you need to protect yourself, your loved ones, and your finances in the event that things do not go exactly as you may have hoped.