Property Insurance Screw Ups – Specific Insurance

There are a great many ways to screw up your property insurance.

A common error is specific property coverage – having your policy list each location and coverage section separately. For example:

$1,000,000 coverage on your Main St building
$500,000 on the contents of Main St
$1,200,000 on your North St building
$750,000 on the contents of North St

The right way is to buy $3,450,000 of blanket coverage on all your locations – the total of all the values at all your locations.

In a loss under blanket insurance you’ll have $3,450,000 of coverage to spend any way you want. Fewer limitations – broader coverage – better loss results.

Check your insurance policy. Talk with your agent. If you have specific insurance find out why you don’t have broader coverage.