6 Things You Forgot to Insure!

Insuring your cat may help to keep those vet bills down, but what about the other things that people often overlook? Don’t forget to protect yourself against the following:

  1. Half of your car accident: Liability insurance will pay for damage to other people, their vehicles and property. But what about your own car? Omit comprehensive and collision coverage from your policy, and you’ll be paying the full cost of repairs by yourself.
  2. The bad decisions of others: 1 in 4 drivers is either driving around with no insurance at all, or has woefully inadequate limits. If one of these guys crashes into you, guess who could end up paying for the accident? That’s right: YOU. If injuries are involved, the bills could be astronomical. To avoid this nightmare scenario, be sure to add UM/UIM coverage to your auto policy.
  3. Your valuables: High-value items such as jewelry, art, or antiques need to be scheduled on your home insurance …. or can be put on their own policy. If you make a big purchase, don’t forget to protect it! Also, take a look at your policy every year to make sure you have enough coverage for any additions or upgrades to your home. As your home grows, so should your insurance.
  4. Flooding: No one in Houston should be without flood coverage, which is NOT included in your home insurance. If you aren’t in a designated flood zone, flood insurance offers high coverages and unlimited peace of mind for $450 a year or less.
  5. Extra liability: If you’re doing well in life, the sad fact is that you are at risk from people coming after everything you’ve got, especially if you’re at fault for a serious accident. Umbrella insurance is inexpensive and will give you up to $5 million in extra protection.
  6. Replacement cost: be sure your policy includes these two magic words, for both your home and your personal property. Some agents are sneaky and will give you Actual Cash Value coverage in order to reduce premium, and this means your insurance will pay you only a depreciated value for your home, roof, or contents. What is the actual cash value of a 10 year old roof? A lot less than it costs to replace it, for sure. And when you factor in the deductible as well, an ACV policy may give you almost no payout at all after that Category 4 hurricane hits Houston.

Any questions? Give your friendly agent at Memorial Insurance a call and we’ll be happy to help!