How to Reveal Private Insurance Policy Gaps: What Questions to Ask
Private insurance policy gaps and overlaps can impact your personal wealth. On one hand, you don’t want to end up on the wrong side of a claim-triggering event. At the same time, you don’t really want to overpay for redundant or unnecessary coverage either.
So, what do you do to avoid either situation? We recommend learning what key questions help you identify these costly gaps and overlaps. In this post, we’re going to go over some of these key questions you’ll want to ask.
Private Insurance Policy Gap Questions
“What events are excluded from my homeowner’s policy?”
There are a number of common things a homeowner’s policy may not cover, such as:
- Earth movements
- Home-based business operations
- Pest infestations
- Acts of war
- Nuclear hazards
“Am I covered if someone sues me for negligence?”
Your auto and home liability limits are important. After all, if they aren’t high enough, you might be on the hook for some of the costs after a claim-triggering event.
“Am I protected against cyber crime?”
Cybercriminals are continuing to develop more sophisticated strategies. Cyber insurance can help provide you with financial protection from a range of events.
Additional Questions to Ask
Understanding how your insurance policies work together helps ensure you don’t overpay for coverage or end up on the wrong side of a triggering event. We’ve compiled a number of other questions you can ask in our PDF resource: Under-Covered? Over-Covered? Or Just Right? Ask Yourself.
Contact Burnham WGB Insurance Solutions
Working with an experienced broker can help manage your insurance portfolio and avoid the pitfalls of coverage gaps and overlaps. Contact us today for help navigating the nuances and complexities of private risk.
Want more information about what’s it would be like working with a Burnham WGB Private Risk Advisor? Feel free to check out Private Risk Solutions page.