Okay, so you think you know insurance inside and out. You’re probably not alone. A bunch of people say they’re insurance experts, but the truth is, most of us are flying blind. Let’s clear up some common misconceptions.
First off, did you know that insurance claims for car crashes have skyrocketed in the past few years? And life insurance payouts are through the roof.
Insurance companies had a crazy busy year. Life insurance payouts hit a whopping $831.9 billion in 2023! And if you think car crashes are slowing down, think again. The number of car accidents needing insurance claims has gone up by 14% since 2020.
Yep, crazy times. That’s why talking to an insurance agent is like having a superhero on your side.
Here are 5 secrets that might surprise you:
Floods and Your Home: Think your homeowner’s insurance covers flooding? Nope, not usually. Over half of people don’t realize this. Yikes!
Did You Know? Over 55% of Americans are unaware that a standard homeowners policy does not cover flood damage.
Home Renovations: So, you’re giving your place a makeover? Awesome! But guess what? Your standard homeowner’s policy probably won’t cover those fancy new materials or fixtures.
Did You Know? Nearly 70% of insurance policyholders are unaware that a standard homeowners policy does not cover materials or fixtures installed during renovations.
Home Inventory: Imagine losing everything in a fire. Would you know what you owned? Most people don’t have a clue. A home inventory is like a superhero for your stuff.
Did You Know? About 50% of homeowners do not have or are unsure if they have a home inventory of major household items in case they need to file a claim.
Work Vehicle Woes: Using your personal car for work? That could be a problem if you get in an accident. Your regular car insurance might not cover you.
Did You Know? Over 54% of car owners are unaware that a standard auto policy does not cover business use of a vehicle.
Car Thefts: Your purse or laptop gets stolen from your car. Bummer. But don’t count on your car insurance to save the day. It’s your home or renters insurance that’s got your back.
Did You Know? 45% of policyholders incorrectly believe that personal items stolen from their car are covered by a standard auto insurance policy.
So, what’s the takeaway? Insurance can be confusing, and it’s easy to miss important details. That’s where an independent insurance agent comes in. They’re like your personal insurance guide, helping you find the right coverage and making sure you’re protected.
Ready to ditch the insurance guesswork? Let’s chat to get you in the right direction. One of our experts can help you find a policy that fits your life and gives you peace of mind. Contact us today for a free personalized quote!
Photos via Unsplash.