Insurance is something that we all pay for with the hope that we will never have to use it. Because of this, most people really don’t know what their policies will and will not cover. Unfortunately, many don’t find out until after a claim has occurred and it is too late.

In today’s modern world, many people buy their policies over the phone or online. They do this for convenience or to shop for the best price. Far too often this little bit of convenience and low price can come with a high cost.

Almost every day, we speak with someone who quickly purchased an insurance policy so they could close on their home or get their car registered. Many times they chose the lowest rate from quotes obtained by their Realtor or mortgage broker. In many of these cases the person’s coverage options where never discussed with an insurance professional. Most of these people end up lacking valuable and important coverage as a result.

On homeowners policies we often see policies that lack replacement cost, ordinance and law coverage, increased mold and pool cage coverage. Many people are not carrying enough building coverage to rebuild their house after a major storm, when material and building cost skyrocket.

On automobile policies we see people who are not carrying enough liability coverage to protect their assets. We also see policies with low limits, non-stacked or no uninsured motorist coverage. In almost all of the policies that we review the people have no idea how inadequate their coverage is and how adversely it could affect them. We find that most people are willing to spend a few hundred dollars more a year to avoid paying out tens of thousands of dollars more when a claim occurs.

If you haven’t reviewed your policy with a licensed agent in a while, now is a good time to do so. If you are paying thousands of dollars a year for something, you should know what you are paying for.

Jim Nolan Jr. is President of Nolan Family Insurance in Punta Gorda, he can be reached at 941-639-1122 or