Cover Your A$$ets
Insurance is an expensive part of your life. It can be even more expensive if you don’t have the right coverage you need. I found that out the hard way in two insurance losses that hit me for a total of $30,000 and were not covered, thanks to the fine print in my policy. One involved my home and the other involved one of my investment properties. You can read the full details of my ordeal in my article published on the White Coat Investor’s blog listed below. After reading my story, come back and comment on any insurance losses you have suffered. I think we could all benefit from our collective knowledge of hard knocks.
Cory, I’m so sorry for your losses! You’re doing a service to many others by sharing your experience. Fortunately, when I experienced property damage my insurance broker had done his research and explained everything to me, including the about needing a rider etc. for jewelry, art and other similar items. I didn’t have anything exceptionally valuable. When we had a really bad storm and water damaged the floors one year shortly after moving in everything was taken care of so easily to my surprise.
Yes! Interview your broker thoroughly, ask about the rating of the insurance company and the policy and read the fine print. Thank you!
Ana, glad you had a good experience.