Insurance, the four letter word.

We all have insurance, auto, life, health, home, contents, short term disability, long term disability, and liability for your business. It is hard to keep track of what you have and need. We can all agree it is always too expensive. However, do you have enough to cover you in the event of a loss? Recently we had an accident at our house. In a scene straight out of Dukes of Hazard a car went airborne out of the post office which is located across the street from our house into the garage then through the shed located behind the garage. Thankfully no one was seriously injured. In fact we were away on vacation.

The lessons learned from this experience include:

  1. Do not settle on the first offer from an adjuster. We haggled with the insurance company for several months before settling.
  2. Do not take the Insurance Company’s word on the damage estimate. The insurance adjuster claimed there was minimum damage to the garage. We had an engineer look at the building. He condemned the garage due to foundation, slab damage, and due to impacted the garage had moved several inches.
  3. Be prepared to fight for the full amount on your policy.
  4. Do not let the insurance company bring in their own people to give you an estimate for repairs. Seek out quality contractors and get several estimates to submit to the insurance adjuster.
  5. Take lots and lots of photos to back up your claim.
  6. Your insurance is only as good as your agent. Make sure you have a good one.
  7. Review your policy every year and make sure you have enough insurance to cover you in the event of a loss. We found we were underinsured. In all honesty we had not reviewed our policy in many years. Big Mistake check it every year.
  8. Do not be afraid to stand up and fight for what you believe is the right amount on your claim. Do not fight with them.
  9. Keep track of all you paperwork and emails.
  10. Last do not be afraid to shop around for not only a better price providing you are not short changing yourself on the insurance policy.

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