Don’t Over or Under Insure…It Doesn’t Pay

To ensure that you have adequate insurance coverage, one thing you must do is provide your Fort Lauderdale insurance agent with accurate valuations of all your assets. There is no difference, in principal, with this process for either domestic or business policies. However, in many cases, people fail to do this and it can impact your insurance when it comes time to claim.
 
Under valuing, and as a consequence, under insuring, is something some people may do deliberately, with the mistaken idea that it might save them some money in monthly premiums. While the premium costs may be lower, it is a false economy. The payout that comes from a policy where the value of the items is less than the actual value and replacement costs may prove inadequate, and the claimant may not be able to make a full recovery.
 
Over valuing can cause issues too. When you make a claim, you may have to provide proof of the value of the claimed-for item, so the chances are that paying for a higher level of insurance will be a futile exercise.
 
The bottom line is this: don’t take short cuts. Don’t try to play the system. Be honest with your agent. Remember, it is his or her job to help provide you with coverage. It is your job to give them accurate information so they can do that job well, and ensure that your coverage reflects your situation.