Posted by: Kisling, Nestico & Redick, LLC
When you make big purchases, you understand the importance of protecting them in case of an accident, theft, or act of Mother Nature. That is why after you pay the mortgage each month, you pay for your homeowner’s insurance. After you pay your auto loan, you pay your auto insurer. In addition to protecting your assets, you also want insurance to protect yourself. If someone is hurt in your home or you cause a car accident, the injured individual may look to you and your assets for compensation. Your insurance handles this issue for you.
However, it is all too easy to pick out policies at one point in your life and simply keep paying the bill month after month without re-evaluating your needs. As your life moves forward and your assets grow, you need to take a look at your policies to make sure they cover what you have now, not what you had a year or two ago. In most cases, you will need to increase your insurance coverage over time. Otherwise, when the worst happens, your insurer may not be able to help in the way that you need.
If you are currently facing issues after not having enough insurance coverage, do not hesitate to reach out for help. The Ohio personal injury attorneys of Kisling, Nestico & Redick are here to learn about your situation and guide you through the next best steps. Call today at 1-800-HURT-NOW to schedule a free consultation and learn more.
Common Reasons to Increase Your Insurance Coverage
There are certain life milestones that trigger a need to re-evaluate your insurance coverage and potentially increase your policy limit or add a rider. These include:
- Purchasing a new vehicle: The type and amount of auto insurance you have often depends on your vehicle. If you have an old beater, you may not be worried about covering your car in the case of an accident. The few hundred dollars you get back will hardly help in obtaining a new vehicle. However, when you purchase a brand new vehicle, you will want a great auto policy, including comprehensive and GAP insurance. By increasing your auto insurance, you make sure that you can cover your auto loan if you are in an accident within the first year or two of owning the vehicle.
- Buying an engagement ring: When you are ready to pop the question and you purchase an engagement ring worth a considerable amount, get ready to increase your insurance coverage. Homeowner or renter policies often cover jewelry up to a certain amount. You will want to contact your insurer and add a rider for the value of the ring so it can be replaced if stolen, lost, or damaged.
- Having a child: If you have a baby on board now, take a look at your policies. As a parent, you have a lot of expenses in life and you will want to be sure your auto policy covers everything you may need in case you are hurt in an accident or you cause a crash. You may also have a greater need for a policy that covers rental vehicles and child safety seats after an accident.
- Buying major electronics: Televisions, gaming systems, sound systems and other electronics are becoming more advanced and more expensive. If you have been adding to your home collection, take a look at your homeowner or renter policy. How much does it cover for electronics? Will that be enough to repurchase these if they are stolen or damaged in a natural disaster?
- Adopting a dog: You might not realize that your pet could cost you money in the future outside of vet bills. Your new pet could bite a guest or stranger, which can lead to a claim against your homeowner or renter policy. When you bring home Spot, make sure your insurance policy is up to date.
- Adding a pool or trampoline to your yard: People of all ages love a pool or trampoline. Unfortunately, these are also major liabilities. If a guest gets hurt at your home, you can expect an insurance or legal claim against you. Make sure you have enough personal injury coverage through your homeowner’s or renter policy to cover another person’s serious injuries.
Increase Your Auto Insurance
Ohio requires you carry bodily injury liability coverage of at least $25,000 for one person or $50,000 for everyone injured during one accident. You must also purchase at least $25,000 for property damage you cause to other vehicles or property in an accident. If your budget enables you to purchase policies with greater limits, you should. The legal minimum for auto insurance is quickly surpassed in moderate-to-severe auto accidents.
These policies will not cover your own damages after an accident, which means you could be left high and dry after a single vehicle accident or a hit-and-run. If you want additional insurance, you will need to look into collision, comprehensive, GAP, uninsured, and underinsured coverage.
Add to Your Homeowner or Renter Policy
Your homeowner or renter policy is more important than you may realize. It is not simply there to protect your roof when it is damaged in the storm – though that is important. These policies can ensure you are able to rebuild your entire life after a major natural disaster like a flood, tornado, or fire, including purchasing new clothes and furniture. It also protects you when someone is hurt on your property and needs medical expenses covered. If a guest or service person is hurt in your house, on your sidewalk, or in your pool and you do not have enough insurance, you will face a lawsuit.
Contact Our Ohio Personal Injury Attorneys Today
As you earn more money and purchase a greater number of valuable assets, your insurance coverage needs to reflect your current finances and estate. If it does not, you can find yourself in a tough financial position because you have been hurt and have no way to recover your out-of-pocket expenses or because someone else has been hurt and is holding you responsible.
Whatever your situation, the Ohio personal injury attorneys of Kisling, Nestico & Redick are here to help. We have the experience and resources you need to navigate a wide range of legal situations, including insurance coverage issues. Call us today at 1-800-HURT-NOW to schedule a consultation.