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.
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.
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