COUNTRY Financial Survey: Fully Insuring Largest Assets Low Priority for Americans

More than half (57%) say they review their insurance coverage annually to determine if it adequately protects their home, car and other property. Fifteen percent say they review their coverage every two years and another 9% review every three years.

“It’s encouraging that so many Americans say they are reviewing their insurance regularly,” adds Brannan. “Doing so with a professional is important in addressing your changing situation and family needs.”

Tips to consider when reviewing property insurance coverage:

• – Maintaining too little home insurance is a serious problem across the country. Homeowners often don’t realize how much insurance they need to cover the complete loss of their home. A recent survey found the majority of Americans only have coverage to rebuild 80% of their home, so it’s important for people to know exactly how much coverage they have.
• – Home insurance protection goes beyond covering property in the event of damage. People should also make sure they have adequate coverage if someone is injured while visiting their home.
• – Many standard home policies do not cover flood or earthquakes. However, there are optional endorsements and policies to cover these. It’s important to know what a policy covers and what it doesn’t cover.
• – People should take time to think about whether their coverage is enough to replace their possessions. This is especially important for those with special items, like family heirlooms or jewelry.
• – If a vehicle is totaled or in need of significant repair, many policies offer optional coverage for a rental car. This type of coverage can save hundreds of dollars.

John Sullivan is editor-in-chief of Boomer Market Advisor and AdvisorBiz.com, part of Summit Business Media’s Advisor Media Group.