I love my insurance company! How often do you hear someone say that?
For years, I’ve made an annual call to my insurance company to do a policy review just to be sure I have all the coverage I need, based on what’s happening in my life at the time. I recently sat down and spoke with Tommy Schlosser, owner of The Schlosser Agency in Atlanta, Georgia to chat about insurance and to get his advice on some coverage options most people should have but probably don’t. Here are the five specific coverages Tommy said most people don't have, but should.
1. Disability
This coverage option kicks in if you become temporarily or permanently ill or disabled, depending on the coverage you choose. You purchase the insurance based on your income and premiums vary from company to company.
My note: AFLAC offers standalone supplemental coverage to pay bills when you’re out of work. It kicks in when you become ill, hospitalized or become temporarily disabled, depending how much coverage you’ve chosen. AFLAC coverage options are not based on your income.
2. Personal Liability Umbrella Insurance
Tommy recommends that anyone who owns a car and a home has personal liability coverage. This insurance covers you in the event that you make an auto or homeowner claim that exceeds your regular auto / homeowner coverage. It also covers you in many cases when someone sues you in civil court. Most umbrella policies will also afford you coverage on things you don’t own, for example if you rent a car overseas and have an accident or you rent a watercraft on vacation and damage it. Starts at roughly $80 per year.
3. Medical Expense/Med Pay To Others
This is a rider you add to your regular auto insurance, which covers the medical expenses of you and any passenger in your vehicle, regardless of whose fault the accident was. Most people already have this coverage but are typically underinsured. This coverage is so inexpensive that even if you have it in place already, consider bumping up your coverage.
4. Sewer Sump-Pump Backup Coverage
This rider covers you if the sewer line on your property is compromised, causing sewage to back up into your home and causing damage in the house. However, depending on the company, it may not cover repairs to the sewer line itself but would cover damage to your home due to the back-up. Coverage starts at about $25 per year.
5. Identity Theft Protection
Covers you in the case of identity theft. Not all programs are as proactive as others so be sure to ask specifically what is and is not covered. Some programs offer credit counseling and credit report review but be aware that most identity theft coverage kicks in after you’ve become a victim.
My Note: Unlike a proactive service such as Lifelock, identity theft coverage doesn’t prevent identity theft but it makes you whole in case you are a victim. Coverage starts at roughly $25 per year.
Stay tuned for next week’s post where I’ll share my conversation with Tommy about how you may be wasting your insurance premium dollars.
Contact Tommy Schlosser, owner of The Schlosser Agency with your auto, property and casualty insurance questions at 770-250-1990 or by email at: TSchloss(AT)AmFam(DOTCOM)
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