With limits here and exclusions there, it's just plain difficult to assume generally that "you're covered."  Here are some examples that might surprise you:

1. "FULL COVERAGE" on your car means you're getting comprehensive and collision to protect it from damage.  But, you really want full coverage, you should also add rental reimbursement, roadside assistance, medical payments, and increase your limits of liability to very high levels. 
2. "Target items" like jewelry, furs, guns, and money all have very specific limits on your homeowners policy.  All policies put very low limits on the protection for items such as these.  If you have jewelry (especially expensive items) or any other item(s) that is a target for theft, you should talk to your agent.
3. Did you know that damage caused by water is something that you have to add on?  That's right -- if your basement floods, there are ways to get limited protection and it is one of the most common types of claims.  If you keep contents in your basement or if you have a slab home, talk to your agent to make sure those belongings are adequately protected.
4. The limit is the limit...  Limits are scary.  It might sound great to keep a low limit to keep your monthly expenses down.  But in the event of a claim (especially a bad one), there are few things more nerveracking than wondering whether or not you have enough coverage.

These are just a few examples of very common limitations faced with insurance policies.  There are almost always ways to customize the coverage to meet your needs exactly.  It's worth it to research it -- and it's free to have that discussion with your insurance professional.  If this is a conversation that you decide to wait on, it could be too late.  After all, if you find out after you have a claim, it's too late!

Image(s): FreeDigitalPhotos.net

On Sunday, Hanover celebrated its 160th anniversary, marking the date — April 15, 1852 — when they first opened doors for business in Hanover Square on the streets of lower Manhattan.

To learn more about the history of Hanover, we invite you to visit the history page on the Hanover website, where you’ll find information about some of the key milestones in Hanover's past, as well as some of the company's most famous policyholders, past and present, which have included Babe Ruth, the P.T. Barnum and Bailey Circus, Eastman Kodak, and more. 

Kelly Insurance is proud to partner with such a rich history.  There is a reason that companies like Hanover have stood the test of time -- they value the customer and offer a service that is both affordable and responsive when you need them.  That's what a good value is all about...

What is insurance to value?

Insurance to value (ITV) is the amount of coverage listed under ‘Coverage A’ on your policy declarations page. It is often referred to as “Dwelling coverage” or “Coverage A – Dwelling”. It refers to the amount required to completely reconstruct your home in the unfortunate event of complete destruction.

Why is insurance to value different than the value of my home?

A home’s market value reflects current economic conditions, taxes, school districts, the value of the land, location, and other factors that have nothing to do with the actual cost of rebuilding a home and replacing all of its contents. With ITV, you will have the proper amount of coverage to reconstruct your home – not what it was worth on the current market.

Why is reconstruction more expensive than new construction?

New-home builders typically build many homes at once, and bid out the jobs to receive the best pricing. Their business model is based on economies of scale. For example, they may purchase 20 bathtubs at once, securing a lower unit cost. Reconstruction cost for a single home is more expensive since there are no savings when buying just one replacement bathtub.