This has been one of the busiest hurricane seasons in recent memory. Which is why a lot of Americans on the Gulf Coast may be taking a closer look at their insurance policies.
Amid the hurricanes, pandemic, and other challenges of 2020, you may need to reread your insurance policy. A recent Bankrate survey found more than 61% percent of property insurance consumers don't even know their deductible. 78% say their worried they can't afford to file a claim.
“So those were very high numbers that we were shocked to see,” Laura Adams, a longtime financial analyst, told KTRH. “We’re talking about deductibles for auto insurance, home, and renters. So very popular types of coverages.”
She says just buying policies isn't enough. Now is the time to figure out if you can pay your deductible if your car or home is damaged.
“Unfortunately, we just know too many consumers are not familiar with their insurance policies, and it’s difficult. They’re not easy to read,” Adams added.
She says many of us may not realize how much we pay for home and auto insurance in the long run. Average lifetime cost of property insurance for both combined: $132,900.