In recent years, Hendersonville has experienced a considerable upsurge in severe weather events. In their wake, these storms have left behind millions of dollars in casualty losses for both home and business owners.
Most losses were covered by insurance, saving property owners from the prospect of financial ruin. However, many policyholders were shocked to find out that they did not have the right amounts or types of coverage to cover their claims. From unexpected deductibles to “fine print” depreciation clauses, many owners found themselves having to dig deep into their savings to bridge their coverage gaps.
Since Middle Tennessee seems to have become the country’s new tornado alley, these types of storm systems and related property damage will likely be a fixture going forward. To gain a better understanding about how to optimize insurance protection for homes and businesses, Hendersonville Lifestyle reached out to veteran insurance agent Lauren Tullos, owner of a local State Farm Agency.
What are some of the key considerations that homeowners should look for in adequately insuring their homes?
“First, homeowners should investigate the insurance carrier’s reputation and ratings with regard to handling claims and service. Next, they should seek out insurers who offer bundling discounts (e.g. insuring both home and vehicles) to help reduce their insurance premiums.
Homeowners should also make sure that their insurer is easy to reach through their preferred contact methods, such as face-to-face, phone, apps, email and online self-service. There is also great value in having a local agent with whom homeowners can meet with to review policies and coverage.
Finally, remember the old adage ‘you get what you pay for.’ If a company offers an insurance quote that seems too good to be true, it probably is. The worst time to find about inadequate coverage or an unexpected deductible is after a loss has occurred.”
What are some of the key considerations that business owners should look for in adequately insuring their properties?
“Most of the recommendations for homeowners also apply to business owners. However, commercial insurance policies are much more extensive and complex than personal policies, and business owners should be very selective when choosing a carrier to insure their business from both property and liability standpoints.
Proprietors should consider a insurer’s reputation and market share in their particular industries. It is important that the carrier understands the nuances and specific needs of any business line that they cover to make sure that all properties, business assets and employees are adequately protected.”
What are the major types of policies that home and business owners should consider in order to ensure that they have adequate coverage for their most valuable assets?
“Along with traditional home, vehicle and life insurance policies, homeowners should purchase personal article policies designed to protect high value personal items in the home, such as jewelry. They should also have personal liability umbrella policies to supplement the existing liability coverage of their home and auto policies to protect their assets in the event that they are found liable in a personal lawsuit.
In addition to personal and general commercial policies, proprietors should also consider purchasing supplemental policies that cover specialized business equipment, capital machinery, recreational vehicles and rental/investment properties. Business owners should also purchase keyperson life insurance in order to protect business partners and/or to ensure the survival of the business in the event of the insured’s death.”
What are the biggest mistakes that you have seen homeowners make when choosing their insurance coverage?
“Many customers tend to choose higher deductibles in order to reduce their policy premiums. Over time, they tend to forget about the deductible they selected, resulting in surprise out-of-pocket expenses when filing claims.
Also, many homeowners fail to take note of the special limits coverage on specific personal items in their policies. Most standard homeowners policies have limits on the amounts that will be paid to cover items like jewelry, furs, firearms, area rugs, etc.”
What is the biggest mistake that you have seen business owners make when choosing their insurance coverage?
“The biggest mistake we see when helping business owners set up coverage is failure to fully disclose the services they offer and/or their entire scope of operations. If the carrier does not have an accurate and full picture of the business, it can result in the policy being issued under the wrong classification, without necessary coverages specific to their business or industry and company cancellation due to eligibility or inaccurately rated risk.”
How often should policy owners review their insurance coverage with their agent?
“Insureds should review their coverage on an annual basis to ensure they have adequate coverage on their property and assets.”
Lauren Tullos – State Farm Agent
206 Indian Lake Blvd., Suite 11,
Hendersonville, TN 37075
615.348.4196
After the March 2023 windstorm and the December 2023 tornado, many homeowners experienced serious roof damage. More than a few of them were shocked to find out that their insurers were unwilling to cover the entire amount of the loss, leaving them with large, unexpected deductibles and out-of-pocket expenses. How can property owners avoid this situation in the future?
“First, homeowners should request copies of their full policies so that they can review the specific verbiage related to included/excluded coverages for roof claims. They should also proactively discuss various claims scenarios with their agents and/or carriers to make sure that the proposed coverage is adequate before binding the policy.
Homeowners should also make sure that they understand how their policies are set up. Many carriers will sneak in special limits on roof coverage and clauses related to depreciation and separate deductibles for wind/roof claims without explicitly informing their customers. These stipulations often provide a more competitive lower annual premium, but at the expense of inadequate coverage when filing claims.”
“Insureds should review their coverage on an annual basis to ensure they have adequate coverage on their property and assets.”
Lauren Tullos
