Insurance literacy survey says...

Believe it or not, insurance is an important part of your financial security. Gaps in insurance coverage may leave you financially exposed.

If you’re like most people, once you’ve purchased insurance, you don’t think about it much. You assume that if something happens, your insurance will pay for it and you’re covered. But are you?

Unfortunately, many people have a knowledge gap when it comes to their insurance coverage. According to a recent survey conducted by Zogby International, nearly one-third of Americans don’t know how much their most valuable assets—their homes—are insured for. And more than half misunderstand what their insurance company would pay if their new car was totaled in an accident.

Below are several highlights from the survey that show common misconceptions people have about their insurance coverage. At a time when most of us are trying to save more and spend less, the tendency is to choose the lowest cost policy. However, this strategy could backfire if you don’t have the coverage you need when you need it. Learn about your policy options and select the coverage (and the insurer) that best meets your needs instead of just shopping for the lowest premium. Make sure you know what coverages you do and do not have.   

Survey: More than two-thirds of those surveyed believe insurance pays for the full cost to rebuild their property in the event of a major loss, such as a fire or other natural disaster.

Fact: Nearly all insurance companies place a cap on the amount paid to rebuild your dwelling following a total loss unless additional coverage is purchased. Certain types of losses, such as flooding, are completely excluded. Your coverage should be based on current market costs for materials and labor to rebuild your home. Review your home coverage periodically to make sure it is keeping up with costs for rebuilding. If you have a WEA Property & Casualty Insurance Company home policy and your home was built during or after 1950, we will pay the full cost to repair or replace your home with materials of like kind and quality without the limits imposed by other insurers. If your home was built prior to 1950, you are covered by Extended Replacement Cost, which provides 125% of the dwelling limit on your policy.

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