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You have enough insurance – really?

Sad I admit it – I try to avoid the news as it tends to be depressing. Thursday night’s newscast was no exception – however I found myself staying up to hear the story that KCCI was reporting about the homes and businesses in Eldora, Iowa.

In August, Eldora was hit with a hail storm in which every business and home sustained hail damage. Eldora is a small city with the last population count of 2,734.

Regardless of their size, Eldora is only 90 minutes away from Des Moines, and something of this nature could easily occur to any one of our communities.  As a matter of fact, I know several businesses in Johnston that suffered hail damage recently, as well as a couple of car lots on the east side of town.

However, it's two months later and the residents in Eldora are still cleaning up after this loss.  Why? Because many of them did not have an insurance policy or have enough insurance to cover their damages.

So what does this mean to all of us?

Well, last month I touched on being prepared for a disaster in my blog post and earlier in May I blogged about being properly insured. So it was interesting to learn that there were still so many business owners and homeowners that were either uninsured or did not have enough insurance

I know I harp on this all the time – but the reality is for most individuals – their home or business is the single biggest asset they own! So why not make sure you have insurance coverage to protect it and second make sure you have enough coverage.

I am not sure what it is about insurance – but people just dislike talking about it and/or dealing with it. I hear comments from business owners like – “Oh, I have plenty of insurance,” “I have great insurance,” and my all-time favorite is “I have a family member that handles my insurance.”

I am sure that the business owners and homeowners in Eldora are no different. However, often times it is after a loss occurs that one finds out they didn’t have “plenty of insurance” or their insurance wasn’t so “great” and unfortunately “their family member did not have them covered properly.”

So what can you do? Well – it comes down to the basics:

  • Make sure you purchase the proper insurance policy.
  • Communicate any changes that you make throughout the year with your agent.
  • Make sure that you are physically reviewing your policy with your agent every year.

Don’t let your insurance policy just renew year after year and accept it being mailed out to you. I know there are some of you that get your policy in the mail and don’t even open it!

Remember, this is about your assets – consult with your insurance agent to make sure you have the right coverage in place today.

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