Slipped Through The Cracks: 4 of The Most Forgotten Items on People’s Insurance Plans

When formulating a plan for insurance coverage, many policies offer a “general” type of coverage, meaning that they cover a broad category of items and your individual possessions will likely fit into those.  However, some policies require itemized lists of your possessions to better assess your coverage needs, and for certain items, separate insurance policies might need to be taken out to cover the cost of losing that specific possession.

Obviously, things are sometimes overlooked on these lists, but there seem to be some trends in exactly which items folks forget to add to their list.  4 of the most forgotten items on the lists of those seeking insurance include:

1. Appliances!  You depend on your refrigerator, stove, microwave, washer, dryer, and even your dishwasher, but you might not think about adding them to your list of possessions.  Since these items fall under your “home”, they will often be covered by a standard homeowners policy, but if you have invested in high-quality appliances that cost more than the average amount allotted for in your existing plan, you might want to consider insuring them separately or upping the payout of your coverage to compensate for them in the event of a loss.
2. Musical instruments and/or sporting equipment.  Instruments of any kind are usually expensive, and they are an investment, as is sporting equipment.  These things are often forgotten though when people are forming lists of their possessions and placing them into categories.
3. Tools.  All your tool boxes in the garage?  Yep, those need to be added to your insurance policy.  Tools can be pricey, and they hold their value, so don’t risk losing them in the event of a catastrophe.  By having them listed out and compensating for them in your insurance coverage, you know you aren’t putting your tool chest at risk.
4. Clothes and shoes.  Have you ever considered what it would cost to replace your entire wardrobe?  Chances are, it’s more than what your insurance would currently pay out for you to use as funds for replacing lost items.  Contemplate adding up your wardrobe’s total value, and comparing it with the provisions in your current plan.  If they don’t match up, rectify it while you have the option instead of waiting until it’s too late.

If you’re in the process of putting together an updated insurance plan for this year, or are looking into getting coverage for the first time, Carroll Marshall Insurance is here to help make the process as smooth as possible.  We can help you determine which types of coverage you need, as well as how much you need to meet your needs, while fitting the monthly premiums to your budget.  From itemizing your possessions and maximizing your benefits, to putting together a long-term plan for your life insurance, we can handle it for you.  Give us a call or stop by our Winter Haven office to get started.