Ever hear the phrase ‘hindsight is 20/20’? These real-life insurance stories prove how costly the wrong coverage can be — and how the right strategy can save you thousands.
From condos to wine collections, these real insurance stories reveal costly oversights. Get smarter coverage before you need 20/20 hindsight.
Think you’re covered? 🏠 These real insurance stories reveal the gaps that commercials won’t tell you about.
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CASE IN POINT:
How Five Real Life Exposures Were Addressed by Smart Insurance Strategies
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A Condo Insurance Nightmare
This is a true story about a condo owner named Chris.
Chris owned a condo that served as both his bachelor pad and his home office. He insured it using a cheap policy from a 1-800 company because he liked the cute commercials. Confident that everything was fine, he was going about his day, running his normal errands. That was when he received the email.
“URGENT — EMERGENCY — come home now, your upstairs condo is gushing water and caused my roof to collapse.”
A spewing exposure
At first, Chris thought it was spam mail, until he continued to read and realized it was real. The pressure relief valve in his hot water heater had broken, flooding his beloved condo.
His condo was unlivable, and he’d have to deal with claims adjustors and cleanup crews for weeks to come. Nevertheless, he still believed everything would be OK. He had insurance, after all.
An expensive coverage mistake
His cheap condo policy only provided $10,000 worth of coverage. There was over $30,000 worth of damages. Next Chris turned to the condo association’s policy, but it only covered the common areas.
Chris was stuck paying the $20,000 gap out of pocket. On top of that, the policy didn’t cover living expenses, so the owners below Chris had to stay in a hotel while their unit was cleared of water. Chris stayed at a friend’s house. He didn’t remember anything like this in the cute commercials he’d seen.
20/20 hindsight — key lessons learned
1. Don’t fall for gimmicks. You need an experienced agent you trust. Otherwise, you won’t know whether you have the right insurance until it’s too late.
2. Condo owners need to know where the condo association’s responsibilities end and the owner’s responsibilities begin. RightSure agents can answer this by speaking with your HOA or reviewing your documents.
About RightSure and Insurance for Condos:
RightSure Insurance Group is a full service independent insurance firm utilizing a unique, client-focused approach to obtaining personal lines of insurance. RightSure provides insurance products to residents in 42 states. If you need solutions like this, contact a Famously Friendly Human today.
An Insurance Policy to Write About
This is a true story about a well-published author and his valuable collection.
The author was returning to his childhood home in Tucson, Arizona, after living in Scotland. As a professional writer, he had amassed a substantial quantity of books. His personal library exceeded $400,000 in value, and he was greatly concerned about protecting his beloved books on their passage back to Tucson and when they were shelved his new library in Tucson.
A close call
Despite his concerns, he almost made a huge mistake. He assumed his mover would automatically take care of insurance, and that it would be included with his shipping. This, unfortunately, is not true. His books were traveling nearly 5,000 miles and across an ocean. A lot could go wrong on a journey like that, and his moving company would not compensate him for his significant loss if something happened to his precious cargo. He needed third-party insurance.
A transportable solution
Luckily, he talked to an agent at RightSure, and his mistake was caught in time. The RightSure agent worked with the author to understand the library contents and the exposures faced for such a large collection. The agent also looked at the travel situation. Because the books would be traveling over both land and sea, inland marine insurance was needed.
With a clear picture of the situation, the RightSure agent secured coverage at a premium the author was happy to write about.
20/20 hindsight — key lessons learned
1. Protect your valuables. In this case, an author needed to protect his book collection. In your case, you may need to protect jewelry, antiques or other items you’ve collected over time.
2. Never assume you have coverage through your mover. Although moving companies provide valuation, this is not the same thing as insurance and will not come close to compensating a major loss.
About RightSure and Insurance for Home Libraries and Private Collections:
RightSure Insurance Group is a full service independent insurance firm utilizing a unique, client-focused approach to obtaining personal lines of insurance. RightSure provides insurance products to residents in 42 states. If you need solutions like this, contact a Famously Friendly Human today.
An Accidental Property Manager
This is a true story about a renowned surgeon who reluctantly became an overworked property manager.
To diversify his investment portfolio, the surgeon had amassed eight rental homes and a fourplex. The investment quickly became more work than he’d bargained for.
A paperwork nightmare
The properties themselves weren’t the problem. It was the insurance. The surgeon had 11 different policies for his nine properties, three of which insured the same house. Because of the overlap, he was paying more than he should have.
The coverage limits were all different, as were the renewal dates. His investment portfolio was becoming a full-time job — taking time away from his real career as a surgeon.
A simplified solution
He turned to the agents at RightSure, who combined all eight homes onto a single policy, with one additional policy for the fourplex. He now receives a single invoice and has only one renewal date, giving him significantly less information to track.
He also has consistent coverage with the liability limits he needs to protect his assets in case something goes wrong. And if something does happen, he has one point of contact with RightSure, so he’s never left searching through stacks of paper to figure out whom to call for each property.
20/20 hindsight — key lessons learned
1. Insuring multiple rentals can be simple and cost effective if done right, or a nightmare if done wrong. Don’t insure the properties one at a time. Whenever possible, look for a single policy to cover everything.
2. You need an expert insurance agent who can simplify a complicated process, giving you more time to focus on other matters.
About RightSure and Insurance for Multiple Homes:
RightSure Insurance Group is a full service independent insurance firm utilizing a unique, client-focused approach to obtaining personal lines of insurance. RightSure provides insurance products to residents in 42 states. If you need solutions like this, contact a Famously Friendly Human today.
A Professional Athlete Almost Sidelined by Insurance
This is a true story about an athlete who suffered a sports injury that turned into an insurance nightmare.
He was a college basketball star who played in the NBA. His success had afforded him tremendous wealth, and he owned homes and cars on each coast. He didn’t give much thought to insurance, though. He opted for minimal limits from cheap companies. One home and several cars didn’t have coverage at all.
A sidelining injury
For a professional athlete, an injury is always a serious matter. For this athlete, his injury didn’t just put his future career and earnings in question. It also put the wealth he’d already accumulated at risk. Suddenly, he needed coverage that he didn’t have.
Seamless risk management services
Thankfully, he contacted RightSure for help. The agents at RightSure were granted Power of Attorney to secure coverage on his behalf. They combined his policies into one seamless offering with one monthly bill. But there was more work to be done. RightSure worked with two different motor vehicle departments to get his vehicles correctly registered, and the required proof of insurance was supplied to his lien holders. The properties he’d worked so hard to attain were finally secure, allowing him to focus on recovering from his injury.
20/20 hindsight — key lessons learned
1. If you’re a busy athlete, don’t let insurance matters fall by the wayside. The agents at RightSure can help you. The same goes for other busy professionals.
2. It’s OK if you’re not an insurance expert. Most people aren’t. But if you’ve accumulated valuable properties, you need to enlist the help of someone who is.
About RightSure and Insurance for Athletes and Sports Stars:
RightSure Insurance Group is a full service independent insurance firm utilizing a unique, client-focused approach to obtaining personal lines of insurance. RightSure provides insurance products to residents in 42 states. If you need solutions like this, contact a Famously Friendly Human today.
The Complex Art of Insuring a Wine Collection
This is a true story about a man who realized his hobby had become a valuable — and uninsured — collection.
A self-professed wine enthusiast, he had collected over $200,000 worth of wine over the years. This was not including the ultra high-end wine cellar he had added to his basement and never insured.
Late night questions
The wine enthusiast began to think about everything that could go wrong. What if something happened in his cellar? What if those wine bottles broke? His hobby had grown into a true investment, and it was vulnerable. He needed to take action to protect his valuable collection, so contacted the agents at RightSure.
The palatable answers
The RightSure agents worked with the wine enthusiast to understand the ins and outs of his collection, including the bottle years, the various values and the exposures faced for insuring such a large collection. They were able to provide a very broad coverage policy to include breakage for his wine collection — at a premium he could drink to.
As an added bonus, they were able to combine his Auto, Home, Umbrella and the Scheduled Personal Property listed above into three policies with one single billing. He even received a 40% discount on his home insurance because he lives in a gated community.
20/20 hindsight — key lessons learned
1. If you’ve been collecting for years, you’ve accumulated something of great value. Make sure it’s insured.
2. Talk to an expert insurance agent about all your insurance needs. With the right policies, you can save paperwork, time and money.
About RightSure and Insurance for Wine Collections:
RightSure Insurance Group is a full service independent insurance firm utilizing a unique, client-focused approach to obtaining personal lines of insurance. RightSure provides insurance products to residents in 42 states. If you need solutions like this, contact a Famously Friendly Human today.