Palmer Insurance Guest Column: “Is That Covered By My Policy?”

“Is that covered by my policy?” is a question that gets asked in agencies everywhere.  Unfortunately, it is usually at the time of a loss.

Here are just a few items to consider about your current coverages, so you know what you are covered for in the event you have a loss.  You can also make the decision that you are willing to pay for a loss out of pocket.  Check with your agent to make sure they know what you have and can help you cover it.  Have a conversation with your agent so that you understand the costs and the limits of your policies.

Expensive jewelry, antiques and collectibles:  Most homeowner’s policies have a small amount included in your regular coverage for such items.  Check and see if what you own exceeds this limit.  If it does, you would need to schedule (add) additional coverage for these valuable items.  This will require a recent appraisal of the items in question.

Businesses run from your home: Many people work from home and assume their homeowner’s policy will cover them.  It does not.  Tutoring, daycare, music lessons, or other services performed in your home are not covered.  They can be, just ask your agent how.  Also, consultants that have product on hand to sell should check and see if the value of the product would be covered if your home suffered a loss.  There is not only exposure to loss of property but also liability coverage if there is perceived negligence by your clients.

Sump Pump/Water Back Up: It is terrible when the belongings in your basement are ruined because of the failure of the pump or can’t be replaced because of the lack of coverage.  Ask your agent and make sure you understand exactly what is covered and for how much.  Is your basement finished?  You might want to consider additional coverage.

Vacation Rentals: If you are renting your home to vacation guests (like Airbnb), it is not covered by your homeowner’s policy.  Again, your agent will know what you need, but if there is a loss associated with a rental you could be out of luck.

Having an open discussion with your agent can help make sure you are receiving the coverages you need to protect yourself and your belongings.

As an independent agency, the staff at Palmer Insurance can use our list of companies to find you exactly the type of coverage you need.  We can shop many carriers to make sure the price is also right. Call us today at 734-426-5047.

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Palmer Insurance and/or its staff are members of National Association of Insurance and Financial Advisors, Professional Insurance Agents, and Michigan Association of Insurance Agents.

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