It’s easy to let certain things ‘slide’ when you’re short on
money, but living with gaps in your Florida insurance coverage isn’t the best
idea. It is important to analyze all of your insurance policies—health, life,
auto and more—in order to determine where the gaps are and how to fill them on
a budget.
Life Insurance
Life insurance isn’t a luxury; it’s something that everyone
needs to have in place whether or not they have a family depending on their
income. Many of the people who maintain life insurance believe that they have
enough to cover their expenses and their families’ way of life once they’re
gone, but this isn’t always the case. You should take the time to carefully
review your life insurance policy and ensure that the amount of money your
family or beneficiary will receive after your death is enough to cover all of
your final expenses, outstanding bills and current lifestyle for a period of at
least one year—perhaps even two. If you have young children, you may even want
to consider carrying enough to cover their living expenses until beyond their
college years.
Homeowner’s Insurance
If you are a homeowner, you should carefully examine this Florida
insurance coverage, as well. Depending upon where you live, flooding,
earthquakes and more could be potentially devastating to your home and
therefore your family. Unbeknownst to many, some insurance policies simply do
not cover floods or earthquakes—especially in areas that are prone to these
events—and you will have to purchase it separately. If you’re not sure what
your policy covers, call your insurance agent and discuss it. It may cost more annually
to add these forms of coverage to your plan, but it could make a world of
difference if disaster strikes.
Auto Insurance
If you’re on a serious budget, you may think you can get by with
carrying only your state’s minimum insurance coverage. Although this will get
you by legally, it may not suffice if you’re involved in a serious accident. Your
$50,000 in liability coverage may cover a car that is totaled when you are at
fault, but it certainly won’t cover all of the expenses if the totaled car is a
brand-new Porsche or other luxury car. When this happens, if your insurance isn’t
enough to cover the damages, you will be sued for the rest—and you’ll be
ordered to pay out of pocket. You should take a look at your Florida insurance
coverage as it relates to your automobile as well as those of others and ensure
that there is enough there to cover even the most unlikely of accidents.
While it likely isn’t your intention to have serious gaps in your
Florida insurance coverage, they likely exist as they do for millions of people.
If you aren’t sure where the gaps are and how to fill them, talk to your
insurance agent as soon as possible to review your policies. Your situation—as well
as your insurance needs—can change over time, and it is crucial that you
maintain insurance policies that will cover you in any possible event.
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