There are many frightening things about Halloween. Just a few include ghosts, goblins and the unfathomable: miss Halloween candy
Not many people add insurance to the list, despite the fact that a coverage gap and you could your family in serious financial trouble leaving ..
Read on to learn more about six of the most frightening false insurance ideas and how you can protect yourself.
Six frightening false insurance ideas
- 1. Your home insurance policy automatically includes insurance against floods and earthquakes.
The insurance companies may not cover floods and earthquakes at reasonable rates because they tend to be so devastating. Fortunately, there are options for both risks. the earthquake coverage is usually offered as an endorsement while the federal government provides coverage against flooding through the National Flood Insurance Program (NFIP). It is definitely worth considering as people who live outside the floodplain file at high risk of more than 20 percent of NFIP claims. Also, just an inch of water can cause major damage to your home.
2. Your personal automobile owners and political cover you if you use them to run a small business side.
Your homeowners and personal auto policies can not adequately cover your business. If you run a home business or another small business, explain your situation to your insurance agent. He or she can advise you on any additional coverage you might need.
3. Your homeowners policy will automatically replace your items lost or damaged in today's dollars.
There is a big difference between the actual cash value (ACV) and replacement cost. LCA will refund based on the amount of an item is after taking into account depreciation. Guaranteed replacement cost is much better: With it, your policy pays the cost of rebuilding or repairing your home or replacing your possessions without a deduction for depreciation.
4. Only millionaires need a personal catastrophe liability policy (PCL).
Anyone can be involved in a serious accident. Most of the time the incidents are caused by simple negligence as forgetting to lock the fence around your pool before the child finds its way to her.
Accidents of this nature have the potential to cause financial catastrophe for the people of all financial means. Without proper coverage, you can also lack the resources to compensate someone for their injuries and difficulties.
5. I am not responsible if my friend wrecks my car.
If your car is involved in an accident, it is your responsibility since you have granted permission for someone to use your car. So your insurance will cover the damage and the accident will go on your insurance record. This could result in a higher premium. Lesson? Limit how much you lend your car and choose only the drivers trustworthy.
6. You only need life insurance if you have children.
Parents-both those employed and stay home-aren't the only ones with a need for life insurance.
Does anyone else (as a parent) depend on your income? Then, life insurance is probably a good option for you. Do you own a home with someone else? If so, the surviving partner could carry the full load of the mortgage? Or maybe you simply want to leave money to your favorite charity or parent. It is also wise for business partners to take out life insurance on each other so they could afford to buy the outstanding shares of a deceased partner.
There is no reason to fear any potential coverage gap. Simply talk with a professional insurance as an Erie Insurance agent. He or she can tell you affordable options that give you the protection you need. Do not worry they will not try to sell you insurance phantom (an actual insurance coverage). Learn more about the ghost insurance by visiting our strange Halloween infographic insurance facts.
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