When it comes to protecting your most valuable asset—your home—understanding insurance is crucial. In a recent interview on Your Money – The Financial Show with Nancy Snedden, Lacey Crickard, Personal Insurance Sales Manager at Wedgwood Insurance, shared her expertise on ensuring you have the right coverage to meet your needs.
Why Home Insurance Matters
Home insurance is a critical safeguard for your property and belongings, covering theft, loss, and damage. With increasing severe weather events like wildfires and floods, having comprehensive home insurance is more important than ever. “Your home is likely your biggest asset, so protecting it and your personal belongings is essential,” Lacey explained.
Types of Home Insurance Coverage
Lacey broke down the different types of home insurance coverage:
- Comprehensive Coverage: This is the most extensive type, covering all perils unless specifically excluded.
- Broad Coverage: Similar to comprehensive but with more exclusions.
- Basic or Named Perils Coverage: Covers only specific perils listed in the policy.
- No Frills: The bare minimum coverage is often for homes that don’t meet usual underwriting standards.
Choosing the Right Coverage
Selecting the appropriate insurance coverage depends on personal circumstances. Lacey advises consulting with a broker who can assess your risks and recommend suitable coverage. “Your policy should reflect your unique situation and needs,” she said. She also highlighted the importance of knowing your policy’s exclusions and considering add-ons, such as sewer backup coverage or increased limits for high-value items.
Filing a Claim
When filing a claim, Lacey emphasizes promptly assessing the situation and contacting your insurer. “It’s crucial to mitigate further damage and document everything,” she noted. She also reassured listeners that brokers are there to guide clients through the claims process, ensuring they understand what to expect.
Key Takeaways
- Regularly review and update your insurance policy to ensure it aligns with any changes in your home or belongings.
- Understand the specific coverages and exclusions in your policy.
- Work with a broker to find the best coverage options for your needs.
- Consider the implications of filing a claim, including potential impacts on your premium.
For more insights and advice on insurance, listen to Lacey Crickard’s full interview on Your Money – The Financial Show with Nancy Snedden. Ensuring you have the right insurance coverage can provide peace of mind and protect your valuable assets in the face of the unexpected.
About Wedgwood Insurance
Wedgwood Insurance has offices in St. John’s & Corner Brook and is Newfoundland & Labrador’s largest independent insurance broker. We provide straightforward home, auto & business insurance advice.
With over 270 Google My Business reviews, experience the Wedgwood difference with expert advice from our dedicated team. We ensure that every client has the coverage that best suits their needs through upfront complimentary consultations and midterm reviews.
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