Real Stories
Being uninsured or underinsured can lead to major financial and personal issues. Every day, people lose their incomes, homes, vehicles and savings because they aren't properly insured. A trusted advisor can help you avoid disaster and enhance piece of mind. Here are some of the most common gaps we see in coverage.
Homeowners Coverage
It was near midnight New Year's Day when the finished basement flooded 4 inches deep; but their standard homeowner's policy didn't cover damage caused by an unusually high water table. An original work of art is damaged by vandalism ... a gold-and-jewel necklace is stolen and "covered" only under the house contents limitations ... the regional economy grows and a fire levels your 50-year-old home.
At Payne Financial Group, our professional advisors know these possibilities - and how to protect you from them. Whether you're shopping for new insurance or just need a check-up assessment, let us make sure you've got the right coverage for your needs, today and every day. Don't think that just because you have homeowner's insurance you're fully protected - let us make sure.
Real stories to consider:
Educated and wealthy, the Southern California Okonsky's believed they were properly and intelligently insured. So they didn't completely panic when the autumn 2007 wild fires swept through their neighborhood and totaled their home. Cleaning up, Daniel Okonsky discovered that his $1.5 million coverage for the dwelling would not cover even half of his replacement costs, according to a report in The New York Times. The couple gets no comfort in learning that they are part of about 40 percent of homeowners in California whose insurance will not cover full replacement cost. "Most Americans still think that full coverage means full coverage, but insurance companies know otherwise," said Douglas Heller, executive director of the Foundation for Taxpayer and Consumer Rights, in The Times articles. This "Oh! No!" scenario is seen too in flood-prone areas, exasperated by homeowners not adding specific flood insurance and only rarely reviewing their policies. Homeowners remodel, insurance rules change, insurance policies are "adjusted," building costs go up, The Times continued. And way too often, no one is making sure the homeowner always has "the right" property documentation and "the right" insurance from the right insurance company.
The current economic recession is bad enough, unemployment into month three wasn't helping keep the mortgage paid for Oregon editorial writer Pardoel. A June 23, 2009, home trashing and burglary left her without the couple's four generations worth of family jewelry (some quite valuable and some merely priceless), hunting rifles, children's silver baby cups, art prints that were to be sold to help pay the mortgage. And then there's the damage to the home, starting with the bashed-in door. Her insurance policy was only covering $2,500 (minus depreciation) of the jewelry lost; didn't cover the cost of duplicating vehicle titles, birth certificates, social security cards and other crucial paperwork; didn't cover the cost of dealing with likely identity theft. And the mortgage bank still wanted to be paid on time. She wrote she has "cried practically non-stop since (the thieves) ruined my life." If this robbery victim was you, would your insurance leave you empty and in tears?
Both the Portland-metro homeowner and the renter were left with charred nothing December 2008 when improper ventilation from a wood-burning stove likely caused a fire. The fire quickly took over the entire building and then took down power lines-stopping fire fighters and neighbors until power could be de-energized and safely cut. The fire did not care that neither the owners nor the occupants had adequate insurance.
A 77-year-old woman, dependent on her oxygen tank, is homeless after a February 2009 cigarette started the fire that in about 20 minutes destroyed her small Northwest home. It was an accident. But she did not have fire insurance.
Umbrella Coverage
Homeowners Coverage
Auto and Watercraft Coverage
