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Three Coverages You Should Have

from Foley & Palenscar Insurance

by Steve Palenscar on Apr 19, 2013

Here is a list of three critical coverages we recommend to all our clients:

1. Umbrella insurance: Umbrella insurance is additional liability coverage designed to better protect an insured in the event of an accident or lawsuit.  The cost of a legal defense alone can be staggering.  Umbrella coverage is in addition to underlying auto and home liability limits.  Cost: as low as $150 per year for $1 million coverage.

2. Scheduled items: Properly insuring jewelry, art work, musical instruments, cameras and antique furniture or rugs involves submitting an appraisal or receipt.  There is limited coverage for high-valued items that are not specifically scheduled on a home policy.  Cost: as low as $1.06 per year per $100 of jewelry.

3. Specified additional amounts of Coverage A Dwelling: This endorsement is available if you insure your home at an amount equal to 100% replacement cost (not market value, not assessed value) and is critical in the event of a total loss (due to fire, for example).  Cost: varies by company.



Note: Please refer to your specific policy for coverage details.  May not apply in all circumstances.

Umbrella policies Get additional loss protection

Your current insurance may not cover you fully in the event of a catastrophic loss.

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