Insights to Help You Prepare for the Unexpected
By Danielle Shearer
Introduction
Insurance is designed to provide peace of mind and financial protection when the unexpected happens. However, many policyholders discover critical details and requirements only after experiencing a loss. At Howard Hanna Insurance, we believe that education and preparation are key to making your insurance coverage truly work for you. In this article, we share lessons learned from customers who wish they had known more before a claim, so you can be better prepared if the unthinkable happens.
1. Know What Your Policy Covers-and What It Doesn’t
One of the most common regrets among insurance customers is not fully understanding the specifics of their policy. Many are surprised to find out that certain events, items, or circumstances are excluded from coverage. It’s crucial to review your policy documents regularly and ask your agent about exclusions, deductibles, and coverage limits. Don’t wait for a loss to find out what’s not covered.
2. Keep an Up-to-Date Inventory of Your Belongings
After a loss, such as a fire or theft, reconstructing what you owned can be overwhelming. Customers often wish they had maintained a home inventory with photos, receipts, and descriptions. An up-to-date record not only speeds up the claims process but also ensures you receive the full value of your possessions. Consider using digital tools or apps to make this task easier.
3. Understand the Claims Process
Filing a claim isn’t always straightforward, especially in the aftermath of a stressful event. Customers frequently express frustration with delays or misunderstandings about required documentation. Learn about the claims process in advance: what forms you’ll need, how to document your loss, and whom to contact. Keep your agent’s contact information handy and don’t hesitate to ask questions before a loss ever occurs.
4. Review Additional Living Expense Coverage
If your home becomes uninhabitable due to a covered loss, you may qualify for additional living expense (ALE) coverage. Many customers are unaware of this benefit or the limitations that apply. Understanding what expenses are covered such as hotel stays, meals, and transportation can ease financial stress during recovery.
5. Update Your Coverage as Your Life Changes
Major life events such as renovations, purchasing high-value items, or starting a home- based business can impact your insurance needs. Customers often wish they had updated their coverage before a loss revealed gaps. Schedule regular insurance reviews to ensure your policy keeps pace with your lifestyle and possessions.
6. Take Steps to Mitigate Risks
Prevention can be as important as protection. Customers who invest in safety measures, such as smoke alarms, security systems, and routine maintenance, often benefit from lower premiums and greater peace of mind. Ask your agent about discounts and recommendations for risk mitigation in your home or business. Insurance is more than a set-it-and-forget-it product. Policyholders who take time to understand their coverage, document their assets, and prepare for the claims process are better equipped to handle losses with confidence. At Howard Hanna Insurance, we’re here to help you review your policy, answer your questions, and ensure you have the protection you need before you need it. Reach out today for a complimentary policy review or to learn more about safeguarding your future.
Howard Hanna Real Estate Services proudly provides real estate, mortgage, title, and insurance services across 14 states. As the largest family-owned and -operated real estate brokerage in the United States, Howard Hanna operates more than 500 offices with 15,000 sales associates and staff. Recognized as the most innovative brokerage, Howard Hanna provides solution-based programs and platforms to empower their agents to provide more resources for homebuyers and home sellers, resulting in their agents achieving a sales success rate that is 53% higher than agents at the top 1000 brokerages nationally. Since 1957, Howard Hanna has helped agents build the skills and experience needed to thrive in the ever-changing landscape of real estate. Learn more at www.HowardHanna.com.
