Most consumers purchase insurance so they can best protect their homes, automobiles and businesses, among other things.  However, it is extremely important to understand the coverage you purchase to make sure you have properly protected what’s most important to you.  Even the best and most comprehensive policies out there may leave you with an “insurance gap.” FilltheGapsThis means that there are some losses or expenses related to a loss that may not be covered unless you have purchased additional or special coverage.  At RSS we try to educate every single one of our clients about all of the options they may want to consider in order to have the most complete policy to fit their lifestyle and needs.
Claims professionals at Safeco Insurance have sited the three most common insurance gaps they see customers encounter.

  1. Valuable Articles Coverage
    • Misconception: If my wedding ring and grandma’s heirloom earrings are stolen, my homeowner’s policy has me completely covered.
    • Fact: When policyholders become the unfortunate victim of theft, fire or natural disaster, their experience becomes even more painful when they discover that their homeowners’ policy has specific internal limits on jewelry, collectibles, art jewelryinsuredand other items.
    • What to do: Speak with your agent and let them know if you have items such as jewelry, antiques or memorabilia that would be devastating to have destroyed or stolen.  Make sure you have valuable articles coverage added to your policy.  Your agent will walk you through the process.
  2. Loss of Use Coverage
    • Misconception:  If I’m involved in an accident and my car is in the shop, I’ll still be able to get to work because my auto policy includes rental car reimbursement.
    • Fact: When a covered loss requires a vehicle to be in the shop for repairs, many customers are unaware that their base policy does not help pay for the cost of a rental car-and they find themselves in a bind with no way to get to work, or get the kids where they need to go.
    • What to do: Play the scenario out in your mind. If your car needs to be in the shop for a day or two or longer do you have a reasonable plan to still get where you need to go? Can you share or borrow a family member’s car or can you use public transportation or ride your bicycle to work? If the answer is no, loss of use coverage may be an addition to your policy you need to discuss with your agent.
  3. Original Equipment Manufacturer (OEM) Coverage
    • Misconception: If my Ford Mustang is in an accident, the damaged parts will be replaced with new, original equipment manufactured by Ford.
    • Fact: Customers of luxury vehicles or prized sports cars can be disappointed to learn that their car is being repaired shutterstock_206835355using a new part not manufactured by the original manufacturer or a recycled part made by the original manufacturer.
    • What to do: If it’s important to you that your car is repaired with original factory parts, then make sure you request that the OEM coverage is added to your policy.

While we pride ourselves on making sure our customers have the proper coverage they need in the event of a loss, sometimes circumstances and budgets change.  If you’ve been a customer for years, but have just started prized collection or have purchased your dream car, give us a call so we can make sure to adjust your policy accordingly. Also, please call our office if you have any questions about these optional coverages or other coverage questions.  We’re here to help!