GAP Coverage

Having gaps in your insurance coverage can put you, your family and your belongings in danger.

Here are six of the most common coverage gaps—and why you might want to consider closing them.

GAPHaving gaps in your insurance coverage can put you, your family and your belongings in danger.

Here are six of the most common coverage gaps—and why you might want to consider closing them.

Transportation Expenses coverage

If you are involved in an accident, do you have another vehicle you can drive while your car is being repaired? If you don’t, you should have Transportation Expenses coverage. This coverage will pay for a rental car for you for up to 30 days.

The price is usually about $3 a month per vehicle.

Personal catastrophe liability coverage (a.k.a. an umbrella policy)
Even if you are not at fault for someone’s injuries, you could still be sued. Your insurance company can provide lawyers for your defense and pay out up to your policy limits if you are found liable.

An umbrella policy adds an extra $1 to $5 million to your liability limits with premiums that start at $13 a month–which is a lot cheaper than a lawyer’s hourly rates.

Flood insurance
There is no coverage for flood on your home owner policy. The federal government offers protection through the National Flood Insurance Program (NFIP).

More than 20% of flood claims are filed by people who do not live in a high risk flood zone.

Just one inch of water can cause major damage to your home.

There’s a 30-day waiting period for the policy, so don’t wait until you are under a flood watch to apply for coverage.

Added coverage for your valuables.
Most ERIE homeowners policies have a $3,000 limit for theft of personal items such as jewelry, electronics, artwork and furs. An inland marine policy can provide coverage if your valuables are misplaced, lost or stolen.

You can insure $10,000 worth of jewelry for about $9 a month.

No life insurance beyond your group coverage
A group life insurance benefit is almost never enough. Worse than that, if you change jobs, you may lose all the money you have invested in that policy. Employers may also reduce or eliminate coverage.

Keep your home owner’s insurance up to date.

Reviewing the description of your home and your coverages every year or two is very important.

If you don’t, you run the risk of coming up short if you have to rebuild after a total loss.

Give us a call to schedule a review of your insurance needs. 330-758-3339.

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