Residents Looking for Insurance in Rock Hill SC
Insureds frequently overlook some critical limits on their homeowner’s policies. Limits represent the dollar amounts the insurance companies will pay out in the event of a covered loss, but they are also one of the most significant factors when determining your insurance premium.
Not Enough Coverage A: Dwelling coverage is what protects the structure of your home. The problem is that many people confuse this amount with market value or tax value and it is neither of those amounts. Insurers are only concerned with the cost to rebuild your home today with similar materials and construction methods in the event of a total loss. In the insurance world, this is known as replacement cost. The problem is that many insured only insure their home for what the lender wants them to, which is usually the loan amount, often leaving homeowners grossly underinsured. Read more on replacement cost here.
Too Little Personal Liability: Most people probably don’t realize they even have this coverage or what it represents. Personal liability insurance is the amount of protection that would kick in if you own a dog and the bite someone or if you have a pool and someone drowns. Generally, you can purchase this coverage in limits from $100k to $500k. If you are someone who entertains quite frequently or owns dogs, you definitely what to make sure you have adequate limits and may want to consider a personal umbrella policy as well.
Insufficient Contents Coverage: Most homeowners policies cover your contents. All the things that would fall out if you were to flip your house over and shake. Typically this limit is 40% of your dwelling coverage amount. So if your dwelling amount was $125,000, you would have $50,000 in contents coverage. But is this enough? When you start going room by room and adding up furniture, appliances, clothing, jewelry, etc., this amount will get eaten up pretty quickly. You may want to consider raising the limits or scheduling items like watches and jewelry separately.
Auto Insurance for Rock Hill, SC Residents
Just as with homeowners, some essential coverages get short-changed when it comes to car insurance for Rock Hill SC drivers.
Sufficient Liability Limits: You know that you must maintain state minimum liability limits to drive a car in South Carolina. But did you know that those limits aren’t always enough? South Carolina requires you to carry at least $25,000 for bodily injury or death per person, $50,000 total for bodily injury or death per accident and $25,000 for property damage. Those limits can be exhausted quickly into medical care and rehab care, plus many cars cost way more than $25,000 these days. Once you hit those limits, you are responsible for the rest out of pocket. Consider raising them to $100,000, $300,000, $50,000 to give you adequate coverage.
Maintaining Uninsured Motorist Coverage: Many people overlook this coverage and opt to purchase the minimum liability required. However, uninsured motorist insurance pays for the damages/losses and injuries that you suffer if you are in an accident caused by a driver who does not carry insurance. Instead of paying for it yourself while you fight it out in court hoping to be reimbursed, your insurance policy would cover it under the uninsured motorist coverage. You can learn more about uninsured motorist here.
Commonly Overlooked Auto and Home Insurance Coverages
Everyone knows they should carry auto and home insurance in Rock Hill SC, but often they overlook essential coverage or miss coverage gaps.
Here are some important things to consider when shopping for insurance online.
Taking Advantage of Discounts Offered: Not a coverage, but just as important is making sure that you are receiving all the discounts possible. Many companies have a list of discounts that you could qualify for, be sure you ask upfront so that you can take advantage of the savings. See what other factors go into your rates here.
To start the online quoting process for your home or auto insurance, click here. We can also help you find the best motorcycle insurance in Rock Hill, call us today!