When’s the last time you looked over your insurance policy. Do you know if you have the proper coverage if a loss were to occur? Have your reviewed your insurance policy within the last year? If you answered know to any these questions your not alone. According to a recent article from CNBC and a study done by Trusted Choice many people don’t know. Trusted Choice did a phone survey of 1,000 people. Respondents answered questions about their personal insurance policies. The results were alarming, indicating a stunning lack of knowledge by consumers of their own insurance coverage.
The results were as follows:
- Almost 40 percent of respondents weren’t confident they have adequate coverage.
- About 40 percent said they don’t know what’s in their policies.
- Only about 60 percent of those surveyed said they do any research before buying insurance.
Those results are very alarming. It’s no wonder so many people make mistakes when purchasing insurance. These mistakes can be costly.
Not knowing your limits is one such issue. What if you got hit by an uninsured driver? Did you know that 1 and 7 drivers on the road don’t have auto insurance. Not having high enough limits yourself can leave you in real financial distress, especially if you were severely injured. In such a case, your policy will pay, but only up to your limits.
There are ways to avoid these issues. Periodically touch base with your insurance agent to review your current insurance policy. Let your insurance agent know if there has been any major lifestyle changes that also make effect your coverage. Also take the time to read through your policy when you renew it each year. Make sure you have the coverage you want for your assets.
Have any questions regarding your current policy give one our agents at Penny Hanley & Howley Insurance. We are always here to assist you.
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