Insurance Check-up this Tax Season Part I

Tax season is a great time to reexamine your financial risk with your insurance adviser, says Bill Siddons, III, owner of Hill County Insurance Agency. You may be wasting money on unnecessary coverage or not realize where you are vulnerable to serious losses. In addition, the insurance landscape is changing in Texas. The billion dollar hail storm in Dallas recently is one of many catastrophic events sending ripples through the marketplace. We are seeing companies require higher roof deductibles and inspections.

Because there are so many types of insurance available, consumers should sit down with a reputable insurance professional who can help sort through the complexities. Solid advice from a trusted agent may save homeowners hundreds of dollars by outlining which kind of coverage suits them. A comprehensive homeowners policy may even eliminate the need for other smaller, more specific personal insurance policies. Here are a few key issues consumers may want to explore when deciding if the insurance coverage they have is really right for them.

AT RISK: HOW COULD YOU BE UNDERINSURED?

Home-based business. At least 60% of in-home entrepreneurs are not properly insured, according to an IIABA study. Of those inadequately protected, nearly half didn't realize they were at risk because they thought their homeowners insurance covered them. While a basic homeowners policy will cover a computer used at home for personal use, it won't protect entire home-based firms. For example, homeowners' policies typically provide $250 for computers off-site and won't cover lost data or business liability. That leaves many people who use laptops for business purposes vulnerable.