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The Importance of Insurance

According to the Insurance Research Council (IRC), it is reported that between one and eight drivers do not have auto insurance. That means a good majority of people you driver by every day are not insured-a situation that can put you and your family at risk. And while it is true that you can sue an uninsured driver if they hit you, it is more than likely that your auto insurance will be paying under the uninsured motor coverage that you have on your own policy (which is the law Nebraska). Most people don’t even know what this coverage is or what their limit is.

In Nebraska, for example, the minimum liability coverage allowed by law is $25,000/$50,000/$25,000. Broken down, that is $25,000 per person and up to $50,000 for a total accident. The other $25,000 will pay for property damage such as someone’s car or house. More often than not, people’s uninsured/underinsured motorist will match their coverage. So in this instance it would be $25,000/$50,000. With medical costs going up every year as well as the number of the lawsuits filed, making sure you have adequate insurance is imperative. Having high liability as well as high uninsured/underinsured motorist is one of the cheapest ways to insulate yourself from a financially life changing event.

When talking about your house insurance, not all policies are created equally and if you don’t know what you’re looking at, when you have a claim you could potentially be out thousands of dollars. When looking at your home insurance you want to make sure that you have replacement cost on all of your personal property as well as your roof. As costs increase for insurance companies they will get rid of coverage that used to be covered in an effort to keep rates from going up to avoid losing clients. Most people never look at the fine print, only at the price. Another coverage that you want to make sure is included is coverage for jewelry, furs, fine arts and guns. The easiest way to find out how you’re covered is to ask, “What are my limits on special items?” This will tell you which items aren’t covered under your personal property limit and what each coverage is.

To make sure you’re properly covered, it is recommended that you review your policy and coverage with an agent on an annual basis. The worst situation is not having the coverage you need after an accident occurs.