Ashland City Center, Kentucky
221 20th St
Ashland, KY 41101
(606) 325-9709

Top 3 Insurance Coverage Mistakes Kentucky Residents Make March 17, 2017

Ashland City Center, Ashland
Top 3 Insurance Coverage Mistakes Kentucky Residents Make, Ashland, Kentucky

It can be tricky to choose the proper amounts and types of insurance coverage since you must first recognize bad things can happen. This is difficult for some people, so to help you make smart decisions, Charles Adams Insurance of Ashland, KY, describes three common home and auto insurance mistakes and how to avoid them.

3 Important Home & Auto Insurance Coverage Mistakes to Avoid

Mistake #1: Insuring Your Home for Its Market Value

Instead of insuring your home for its market value, which can fluctuate dramatically, ask a few builders for quotes on the cost to rebuild the home. This keeps you from overpaying for insurance when the market skyrockets and prevents you from under-insuring the home when prices drop.

Mistake #2: Failing to Purchase Renters’ Insuranceinsurance coverage

Even if you don't own a home, you probably have invested a lot of money in personal property such as furniture, clothing, electronics, jewelry, and even artwork. What would you do if they were destroyed or stolen? You may believe your landlord's property insurance policy covers your belongings in case of a burglary, fire, or storm, but this isn’t true. Property coverage reimburses the landlord for their losses; you are responsible for insuring your items. Create an inventory of your personal property, and estimate each item's value. Then, contact a reputable agent about renters’ insurance coverage.

Mistake #3: Buying the Minimum Car Liability Insurance

Kentucky law requires motorists to buy a minimum of $25,000 bodily injury liability insurance per person per accident, to a maximum of $50,000 for all injured persons. It also requires $10,000 property damage liability per accident. If you have considerable assets (a home, retirement savings, investments), it is wise to protect them by raising your liability limits to cover you in case you are sued for catastrophic damages after an accident where you’re at fault.

This independent agency offers invaluable guidance when choosing coverage to help you protect what matters most. Charles Adams Insurance of Ashland, KY, has represented the finest insurance companies in the country, including Auto-Owners, Safeco, Ohio Casualty, EMC, Liberty Mutual, and Progressive. Visit them online for contact details, or call (606) 325-9709 to discuss your needs with a friendly, knowledgeable professional.

Other Announcements, Events and Deals from Adams Charles Insurance Inc
3 Reasons You Should Buy Rental Car Insurance, Ashland, Kentucky
When it comes to getting around while you’re on vacation, nothing makes it easier than a good rental car. However, if you’re like many drivers, you probably opt out of the rental more
How to Determine What's Covered Under Auto Insurance , Ashland, Kentucky
With most standard auto insurance policies, the driver, their vehicle, and the other drivers involved in an accident are some of the most common coverage areas. Where the situation more
Common Misconceptions About Renters Insurance Coverage, Ashland, Kentucky
Most homeowners purchase home insurance coverage as a matter of course, whether it’s because their lender requires it or because their home is such an important investment. However, more
Why It’s Smarter to Bundle Home & Auto Insurance, Ashland, Kentucky
Insurance can be expensive and complicated, so when an opportunity arises to bundle both your home and auto insurance policies, you should take full advantage of it. However, you more
5 Types of Commercial Insurance Policies to Consider, Ashland, Kentucky
As a business owner, one of the most essential steps you can take to minimize your investment risk is to buy adequate insurance coverage. However, there are many different more