coverage gaps Archives - Recoop Insurance

Save the Date: Reminder To Reevaluate Your Coverage for National Insurance Awareness Day

A holiday for insurance? Yep, you read that right. While you don’t get the day off work, National Insurance Awareness Day (June 28) serves as an important annual reminder to review your current policies in place, identify any potential gaps in your plans and update your coverage. This can give folks the peace of mind knowing they’re financially prepared for whatever Mother Nature throws their way in the next year. It’s especially important since natural disasters in 2022 totaled $165.1 billion in damages in the U.S. With household budgets already tight due to inflation, insurance policy gaps can leave homeowners left covering the costs where insurance falls short. And that can lead to financial ruin for many people across the country. Let’s take a closer look at homeowners and renters insurance this National Insurance Awareness Day with some practical tips on how to ensure you have the best policy in [...]

Flynn Wright2023-06-09T18:19:13+00:00Tags: coverage gaps, homeowner tips, natural disasters|

Worth a listen: Recoop CEO on the common coverage gaps

Everyone loves a good origin story. And the kind folks at the Insurance Podcast recently let Recoop tell ours. Hear from our CEO and founder, Darren Wood, on: His background in insurance The 7 common perils “covered” by home insurance The costly gaps in traditional home insurance How Recoop fills those gaps The new way policyholders can get disaster recovery cash faster LISTEN NOW The Insurance Podcast highlights CEOs, brokers and agents, software companies, marketers and insurance innovators leading change within the industry. We were grateful for the invite … and the chance to get our insurance geek on.

Flynn Wright2022-07-14T18:56:00+00:00Tags: coverage gaps, financial well-being, home insurance|

Insurance Watch-Out Words

The most tedious part of reviewing insurance policies? The fine print. It can be full of loopholes and exemptions that, let’s be honest, we may overlook or not quite understand. Although it’s not the most exciting part of insurance, it’s imperative you dig into it, so you know what your policy covers and leaves out. Terms like “eligibility”, “limits of coverage”, and “exclusions” usually jump off the page when you’re scouring through your plan, but there’s so much more. You need a firm understanding of your policy so you can plan for risks or even identify necessary, additional coverage to protect your home.We put together this helpful list of words you should keep an eye out for when reviewing natural disaster protection within your policy: Sneaky deductibles: Did you know you can be hit with a special deductible when filing a claim depending on where you live? Yep, that’s right. [...]

Flynn Wright2022-07-14T20:04:29+00:00Tags: coverage gaps|

Americans Are Flirting With Disaster

The truth of the matter is that natural disasters are becoming more and more common. While you may not have been affected by a disaster like a tornado, hurricane, or earthquake yet doesn’t mean you’re immune. In fact, 97% of the U.S. population has been impacted by a federally declared disaster since 2010. To add to the growing concern, about $60 billion in uninsured losses were reported in 2021 alone. It’s clear the perfect storm is brewing for financial strain in the wake of a natural disaster, making the right coverage more important than ever. It’s why we created Recoop. Instead of rolling the dice and hoping Mother Nature leaves you alone, start by diving into what your current homeowner’s policy covers – and leaves out. By searching for terms like “limits of coverage”, “eligibility”, and “exclusions”, you can start to identify where your current plan leaves you hanging and [...]

Flynn Wright2022-07-14T20:06:10+00:00Tags: coverage gaps, natural disasters|