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Common Insurance Coverage Gaps

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Your insurance policy may not be providing you with enough coverage. That is why you will need to review your policy on a regular basis in order to ensure that you have enough coverage. Below are some examples of common insurance coverage gaps:

  • Home Office: More and more people are choosing to work from home. If you work from home, then it is important to note that your home insurance policy does not provide liability coverage. Home insurance policies also place limits on business equipment coverage. If you have more than $2,500 worth of equipment in your home, and you will be having clients visit, then you want to make sure you purchase a separate policy for your home office.
  • Earthquakes: Most home insurance policies do not cover earthquakes. That is why if you live in an earthquake prone area, then you will need to purchase a separate policy for earthquake coverage.
  • Flood Insurance: Contrary to popular belief, floods are usually not covered by the standard home insurance policy. Water damage can be quite expensive. You will definitely want to get flood insurance if you live in a flood-prone area.
  • Expensive Belongings: Every home insurance policy covers your belongs. However, most companies put limits on things like silverware, jewelry and coins. A home insurance company may also reimburse you for the actual cash value of the item instead of the replacement value. If you add a rider to your home insurance policy, then you will be able to get reimbursed for the replacement cost of your items.
  • Life Insurance: Many people are fortunate enough to get life insurance through their employer. However, this is often not enough to cover final expenses and the cost of living for one’s dependents. You may want to review your life insurance coverage and make sure that is seven to 10 times your annual income.


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