Watch your coverage amounts, insurance expert says

By Sean Delaney

The Emery Village area is an expensive place to live. And when it comes to home and auto insurance, customers can pay some of the higher rates. Being with a direct company, you’re not offered the ability to shop around and often won’t get full details on what you need, what coverage is specifically for you.

“As a broker, that’s where our expertise can come in,” said Jason Maio, a broker with All-Risks Insurance Brokers Ltd. “With a lot of custom homes, you’re not going to want a simplified product. Jewelry, bicycles, things like that, you can see a $6,000 dollar limit and not know it, and you may need more.”

Home insurance increases are an annual fact, Maio said. The cost of construction, materials, labor, everything increases, and insurance companies reflect that on home policies.

Over a certain point, he would recommend doing a price check and comparing apples to apples.

“Don’t just go for lower priced products; you may need a different style of coverage in the long run and save money that way.”

Most people should have an inventory list and shop with that, he said. They will be swayed by low prices and not end up with enough coverage for memorabilia, heirlooms, artwork, jewelry, and more.

Your policy could also be restricted by the age of something, such as a roof. If your roof is 15 or 20 years old, your policy may have an exclusion where certain types of losses may not be covered.

“You could think you’re fully covered, have water damage on your roof, and you’re in trouble.”

The same situations can arise with small businesses, whether in commercial locations or businesses established within the home. Maio has seen policies that appear to have coverage, a home is flooded, and a person ends up with $500 for computer equipment.

“Not enough for a printer,” he said.

“An expert will catch that.”

You can reach Maio by phone at: 647-230-8514

Or by emailing him at: