Do you know what insurance coverages you have, which you need and how they all fit together? It’s important to take some time every so often to revisit all of your policies and verify that they are covering what you want covered and to the degree that you need. In evaluating and updating your needs, you may find opportunities to improve your coverage or your pricing.

Your insurance landscape

Your insurance landscape is all of your policies, for everything that needs coverage, from all carriers that you have a policy with. For example, you might have life insurance through Ethos, pet insurance through Fetch, auto insurance through Progressive and homeowners through Nationwide. Together those make up your insurance landscape. Knowing your entire insurance landscape helps you understand your insurance coverages and how they work together, or don’t, so that you can make informed decisions about your insurance needs and stay adequately protected. Below are some ways that this understanding can benefit you.

Avoid insurance coverage gaps

Insurance gaps occur when there are risks or events that are not covered by your insurance policies. These leave you vulnerable to financial losses. Seeing all of your policies together helps you to know what your existing insurance policies cover and where potential gaps exist. By staying aware of your insurance landscape, you can take steps to address any potential gaps that you have and work to make sure that you have adequate protection in place. There are many possible gaps, often the coverage amount is too low and can be remedied by increasing it. There are other gaps that require purchasing a new policy or coverage, though. Some common examples of those gaps are:

Flood insurance – Standard home insurance policies typically do not cover damage caused by floods, which can be a significant risk in areas prone to flooding. If you are concerned about flooding, you need to purchase separate flood insurance to ensure that you have adequate coverage.
Insufficient liability coverage – If you are found to be at fault for an accident that causes extensive property damage or injuries, your liability coverage may not be enough to cover all the costs. This is an example where you could benefit from an umbrella policy.

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