Insurance coverage is likely one of the biggest investments you make. And mismanaging it can cause some of the greatest problems. Whatever kind of policy you hold—property, casualty, vehicle, etc.—occasionally looking over your policy to make certain that you are still protected is essential. This can include checking terms, stipulations and dates to verify that your coverage lines up with your circumstances and is still valid.
What happens if you let a policy lapse or miss too many payments? Typically, your insurer will give you ample warning before a policy lapses and try to work with you on getting your missed payments in. However, if you’ve recently been through a difficult time such as an extended illness where paperwork has piled up, cut to the chase and verify your coverage before trying to sort out what needs to be caught up on.
Going through a divorce comes with plenty of difficulties and paperwork. Included in that paperwork should be regular reviews of insurance accounts to make sure a soon-to-be ex-partner has not changed terms or removed you from the account. At a time when communication is difficult, take it upon yourself to regularly verify your continued coverage.
If you are trying to reinstate an insurance policy, it’s important to remember that you may not get the exact same terms this time around. It’s almost like signing up for a completely new policy. Your agent will work with you to get you re-insured as quickly as possible.
Is it possible to violate your policy to the point of invalidating it? The short answer is yes.
A common scenario that many homeowners forget to include in their insurance calculations is changes that can affect coverage, like installing a pool. Having a pool on your property comes with more associated risks. Therefore, you may need your policy tweaked and your premiums might increase. Due to the easy nature of accidents around the pool, such as slip-and-falls, going without coverage is not something you want to risk.
Similarly, having an adult who is not family move into your home and pay rent can cause serious problems with your property insurance. Most people wouldn’t think twice about letting their friend crash during a difficult or transitional time during their life.
However, if that new roommate is injured or causes damage to your home, they may not be covered under your policy. Speak to your agent about updating your policy to include renters as well as signing your roommate up for their own renters insurance policy
Verifying your policy or getting questions answered about your terms takes only a few minutes. At R & R Property & Casualty Insurance Agency, we’re here to answer any questions you have and help you meet the terms of your policy.
If you’re planning to make a change to your property, give us a call to square up your policy ahead of time. This ensures there are no lapses in your coverage while construction or installation of home updates occur. Reach out at 760-244-5684 to verify your coverage and make adjustments as needed.