Generally speaking, gaps are a bad thing. If there’s a gap in the sidewalk, you may trip and break your arm. If there’s a gap in your data, you may draw the wrong conclusion. And, if there’s a gap in your insurance coverage? You may find yourself unexpectedly paying out-of-pocket to repair your home or vehicle.
Insurance gaps are a rotten surprise, and unfortunately they don’t go away just because you ignore them. In fact, the more you know the better. So, let’s take a closer look at insurance gaps and how they may occur.
What Is an Insurance Gap?A coverage gap is an area or type of risk that an insurance policy does not cover.
How Do Insurance Gaps Occur?An insurance gap may occur when your policy does not offer any coverage for a particular type of risk (i.e. it’s an “excluded risk”). Alternately, coverage may be available but you did not purchase any or enough of it.
How Can I Avoid Insurance Gaps?Here’s the tricky part: You’ll always have coverage gaps. There’s simply no insurance policy or combination of policies to fully protect you from every single risk there is. However, you can work with your independent insurance agent to help identify and address many of the most common gaps.
Here’s another tricky thing about insurance gaps: They can be hard to identify if you don’t know your policy well or if you simply assume you are covered when you actually aren’t. For example, here are four wintertime scenarios when unknown or ignored coverage gaps may cost you severely:
Here’s the perfect present for the apartment dweller on your gift list, whether it’s your child, your neighbor (particularly the one who forgets to return things) or maybe even yourself: Apartment repair tools, or perhaps an entire toolkit.
We’re talking about the basics. Tools that will make quick work of hanging pictures, assembling furniture and handling minor repairs. You can buy them new, either individually or in a preassembled kit. Or, take a look at secondhand stores or even through your own overflowing supply. Before gifting, clean off any rust with a penetrating lubricant and a scrubber. Just don’t “economize” by giving cheap, fragile or broken-down tools. They won’t last.
Here are 10 tools that are perfect for a starter toolkit:
Carolina Insurance Alliance
Brought to you by Carolina Insurance Alliance, LLC.