Do You Have the Right Insurance Policies In Place?

insurance policies

Do you know if your automobile insurance policy provides coverage for telematic devices?  Do you know what a telematic device is?  Do you know if your business liability policy or homeowners policy covers liability associated with the use of drones?  How about property damage coverage caused by power surges without a lightning strike?  Did you know that standard building coverage for commercial property and homeowners’ insurance does not include foundations nor backup of sewer and drains?

These are just a few examples of what makes each and every insurance policy different and why you need an educated and experienced advocate helping you make the decision of how to best protect yourself from financial loss, and possibly financial ruin.

Don’t buy into the insurance company’s advertising hype of extreme savings by shopping online.  Just like any other product you purchase, there is a reason the price is cheaper.  Insurance is not a commodity, so either coverage is cut somewhere or you are getting a sale today to be overcharged later.

Give us a call to discuss your insurance needs and we will match you up with the correct coverage.  To help you catch up in the meantime, here is a little Whitlockpiedia for you today:

A telematic device is a data electronic device or electronic equipment and it is normally excluded from auto insurance policies.  This would include GPS technology, wireless safety communications (Bluetooth technology), automatic driving assistance systems, navigation systems, etc.

Power surges are not a covered peril under the standard property form, but can be added multiple ways.  If lighting strikes the building and causes the power surge, there is coverage.  If lighting strikes a tree across the street and causes the power surge, there is usually not coverage for electronics (computers, refrigerators, phone systems, HVAC units, etc.).

Foundations are a normal exclusion in the property insurance policy.  Some companies add it back as standard coverage in SOME of their products, but it can be added back to most property policies.

Backup of sewer and drains is usually added back to a policy in a smaller sub-limit from $25,000 to $100,000, based on the company.  However, higher limits can be purchased.  The limit you need is based on your exposure.  Do you have a toilet or a washer that could overflow and leak through two floors or do you have a one story building with a slab foundation?  The answers to these questions will help determine the amount of coverage you need.

Drones are classified as “unmanned aircraft” and every liability policy (business and personal) excludes aircraft liability.  Drones require special endorsements for liability for property damage and bodily injury.  Personal injury coverage would require further discussion.

These are just a few examples of conversations that you can’t have with a computer and if an insurance company doesn’t offer the coverage, they are not going to highlight the exclusion in their policy – you either need to read your own policy and interpret the legal wording yourself or get an agent to do it for you.

Contact The Whitlock Group today and let us help match you with the right coverage for your needs.