The Worst Time to Find Out You Don’t Have Enough Insurance

The Worst Time to Find Out You Don’t Have Enough Insurance

Art Glasgow, Peck-Glasgow Insurance

 

Market volatility in commodity prices, construction costs, and labor costs may mean your insurance coverage no longer meets your current situation.  As many Alabama families found our following the April storms, the worst time to find out you don’t have enough insurance coverage is when you have a major claim.

 

Peck-Glasgow Insurance recommends our clients to request an annual review of coverages.  A lot can change in your life during a year’s time. 

 

While the market value of your home may have dropped during the last couple of years, the actual cost of rebuilding the home has probably increased.  Labor, materials and other costs have continued to increase .  Why gamble that you do not have enough coverage, when it is so easy to call your agent for a personal review.  Don’t wait until it is too late to make needed changes to your policy.

 

Building costs for repairs or new construction also need to be considered along with any major new purchases.  If you’ve bought a new diamond ring for your spouse or a new shotgun for yourself, you’ll want to review your coverage with your agent.  Letting your agent be aware of life changing events like marriage, divorce, death of an immediate family member and new sources of income may alter your coverage and your estate plans which may need to be adjusted to meet your changing wishes.

 

An annual insurance review very important.  Those families with adequate insurance coverage are positioned to recover faster and more completely that those who are underinsured.  Make your insurance agent a trusted member of your team.  The more your insurance agent knows about your life, property and possessions, the better your agent will be able to protect you, your family, and your property.