Update on the recent fire incident:
I previously shared that we experienced a fire, and it seems the building is likely a total loss. Unfortunately, we discovered we were underinsured by approximately $200,000. Over the past 15 years, no one suggested increasing our coverage.
Whose responsibility is it to keep that coverage updated? Shouldn’t our insurance agent have advised us to adjust our policy? That does seem like a key part of their role, doesn’t it?
Or perhaps this oversight falls squarely on us?
I’m really sorry to hear about the fire and the challenges you’re facing with insurance. It’s a tough situation, and it’s understandable to want to find answers.
When it comes to insurance coverage, it’s a shared responsibility between the policyholder and the agent. While agents do have a duty to inform clients about coverage needs and changes in circumstances, it’s ultimately up to the policyholder to regularly review and adjust their coverage as needed, especially in the context of rising building costs over time.
It might be worth having a discussion with your agent about your policy history and coverage needs to gain more clarity. They should be able to explain their role and what options you had available. In the end, this can serve as a valuable lesson about regularly checking in with your insurance provider to ensure you’re adequately covered, especially after significant changes like renovations or market fluctuations.
Take care of yourself during this tough time!