Common gaps in insurance coverage

April 7, 2021

Three Common Insurance Gaps & Misconceptions

1.  Valuable Articles Coverage

Misconception: If my wedding ring and my grandma’s heirloom earrings are stolen my homeowner’s policy has me covered.

Reality: When policyholders become the unfortunate victim of theft, fire, or another catastrophe, their experience may become even more painful when they discover that their homeowner’s policy has specific internal limits on jewelry, silverware, art, collectibles, furs, and firearms.

What you need to do:  Talk to us or your agent about the jewelry, memorabilia, and antiques that you own. Your agent will review your coverage to make sure you the coverage you need.


2.  Loss of Use Coverage 

Misconception: If my car is stolen or is being repaired in the shop after an accident my insurance will pay for a rental car.

Reality: When a covered loss occurs many customers are unaware that the base policy does not pay for a rental car, and may find themselves in a bind with no way to get to work or get their kids where they need to go.

What you need to do: Consider whether you have alternative transportation available if your car must be in the repair shop or needs replaced? If the answer is no, loss of use coverage may be a valuable addition to your policy. Not sure whether you have this coverage or you want to know the cost to add then give us a call.

3. Original equipment manufacturer coverage

Misconception: If my Lexus GS350 is in an accident and damaged then the insurance company will replace the parts with Lexus parts and equipment.

Reality: Customers with luxury vehicles or sports cars are often disappointed to learn that their car is being repaired with new parts that were not made by the original manufacturer of their car.

What you need to do:  If you are concerned about what type of replacement parts are used then ask us or your current agent if your policy covers you with O.E.M. parts or offers this endorsement, and how much it is to add it.