Top 5 Overlooked Personal Insurance Coverages

Important—But Commonly Overlooked—Coverage Options

Most New Jerseyans are familiar with basic automobile and homeowners insurance policies, but many overlook some important coverages that could provide much-needed assistance when faced with common perils. Insufficient insurance can expose you to serious losses, and could jeopardize your future financial security. Fortunately, independent insurance agents understand available options beyond the basics. They help individual and commercial clients understand their risks and available insurance protections every day.

The following are five commonly overlooked coverages everyone should understand. Some can be added as riders to existing policies. Talk to your agent to find and compare options from multiple carriers.

Identity Theft

What’s worse than having your identity stolen? The costs associated with restoring your identity and good credit! Every year, more than 20 million Americans are victims of identity theft, losing in excess of $15 billion dollars. Protecting yourself and your family begins with taking steps to safeguard your personal information, but even the most diligent people can fall prey to malicious cybercriminals. Resolving identity theft may include paying overdraft fees, reputation repair, obtaining new ID documents, and more. Some homeowners policies provide coverage to help, but a rider or stand-alone policy may be prudent. The best way to decide is to speak with an independent insurance agent.

Personal Umbrella

A personal umbrella policy extends the coverage of your other liability insurance plans. It helps expand the protection provided by homeowners, automobile, boat and other insurance coverages. Choosing the best umbrella insurance will give you peace of mind by increasing your liability limits. This helps to decrease your financial burden in the event of an expensive accident or lawsuit.

In-Home Business Insurance

More and more people in New Jersey are managing businesses from home these days, but there may be a price to pay for convenience. In the event of a lawsuit for injury or property damage, or if equipment breaks down due to a power surge, or if faulty professional services lead to a professional liability claim, you’ll want to have the right coverage for your in-home business. Specialty insurance coverage for home-based businesses may be available as additions to your homeowners insurance or through a commercial liability policy. To really understand your risks, options for coverage and how to file a claim, speak to an independent insurance agent.

Jewelry Insurance

For valuable jewelry, the coverage provided by homeowners or renters insurance may not be enough to reimburse you in the event of loss, damage or theft. Jewelry insurance, whether as a rider to your existing insurance or a stand-alone policy, adds more protection. In exchange for the premiums you pay, your insurance carrier will reimburse your financial losses or replace the item in the event of theft, disappearance, or damage up to its specified value. Learn more by talking to an independent agent .

Recreational Vehicle

Recreational vehicles (RVs) provide endless possibilities for independent travel, whether within New Jersey or throughout the country. We hope nothing goes wrong, but in case it does, RV insurance will cover liability lawsuits and costs associated with other mishaps. Additionally, this form of insurance covers your contents and provides benefits in case you have a mechanical breakdown. Even if your auto insurance extends some coverage to a conventional trailer, motor home, camper or other type of RV, it is still a good idea to purchase a separate policy.

Personal Insurance Expertise

The five coverages listed here are just some of the ways insurance can help you navigate risks. Not all policies are the same, though, and what’s good for one person may not be right for another. For personal insurance, the coverage you need will depend on your unique situation. Understanding your insurance options may be the most important step you take to protect yourself and your family. An independent insurance agent can help you evaluate the options, compare quotes from multiple carriers, and file claims.

Why Work with a New Jersey Independent Insurance Agent?

In order to get the protection you need and deserve, you’ll want to work with a trusted expert. And who could be better for the job than a local agent who shares your zip code? New Jersey independent insurance agents are armed with the knowledge of what coverage is needed in your area, and take the time to learn exactly how much coverage is necessary for your individual needs. These agents act as your own personal insurance shoppers, offering you more options than one-policy companies. With just one call, they’ll start gathering multiple quotes for you to review so you can be sure you get the right coverage at the right price.

And, because they’re your dedicated agent, they’re not just there at the beginning, but are there to help walk you through the claims process and make sure you’re getting the benefits you're entitled to should an event occur.