Most people remember to insure their vehicles and property but they often forget about the other coverages they need to protect them against liability and potential losses.
Find out here what types of insurance most people forget to buy that you should consider adding to your policy today.
Collision Insurance
Auto insurance coverage is necessary to protect you in the event of an accident, yet many drivers fail to purchase collision insurance. Some even remove it from their policy to save a few extra dollars, but that’s not always the smartest thing to do. Collision coverage pays for repairs or the replacement of your vehicle in the event of an accident. It will cover any damage that is involved in a collision with another object or if it rolls over, including accidents that happen where you are not at fault, like in a hit and run. Some policies will even cover you from vandalism, acts of nature, and theft when you do not have comprehensive coverage.
Tenants Insurance
If you rent an apartment space or home, it’s important to remember that your landlord’s insurance won’t cover your belongings. The home insurance plan will only cover the building, not your personal property inside the unit. It also won’t cover you if you accidentally flood another person’s unit or if someone falls and injures themselves. Every tenant needs a policy that offers liability insurance, coverage for stolen or damaged belongings, as well as living expenses in the event you have to move out while your rental is being repaired.
Business Insurance
Every company, big or small should have commercial insurance to protect the business from errors and omissions, loss, property damage, and liability issues. Even if you work from home or have an online retail store, one small incident could put you out of business for weeks if not entirely. Commercial insurance will provide you with the money you need to cover your expenses, as well as any losses during a business interruption. Some policies also cover all your business vehicles, product liability, worker’s compensation, and even fraud.
Cottage Insurance
Did you know that your home insurance likely doesn’t cover your cottage? In fact, many people don’t know that cottage insurance policies even exist. But if you want to protect your secondary home, it’s important that you have the right coverage for your needs. Most insurance companies offer policies that cover fire damage, smoke damage, water damage, damage from animals, liability coverage, watercraft coverage, and can even provide coverage when the cottage is rented to others. But It’s important to note though that not all providers will cover you if you don’t have a home insurance plan with them, so it’s important to talk to an insurance brokerage about your options.
Recreational Vehicle Insurance
Another type of insurance people commonly forget is RV trailer insurance. If you own an ATV, boat, snowmobile or RV, you should also have insurance to protect you in the event of damage, theft, or vandalism. No two policies are the same, and some can be bundled together so it’s important to discuss your specific needs with a broker to get the best policy.
If you’re not sure if you’re missing an important insurance policy, contact us at MLS. Our brokers will review your current policies and make sure you have everything you need.