Here’s why property owners need to have an ‘insurance check-up’ in 2020.

According to my guest Dyrke Maricle of Goosehead Insurance, it may be time for an ‘insurance check-up,’ but what does that mean? Well, there are a lot of changes that can happen rapidly in life (as 2020 has made very clear). People get married, divorced, have kids, buy cars, build additions to their home, etc.—right now, thanks to quarantine, more people than ever have been adding swimming pools to their properties. You want to have a ‘check-up’ to update your policies and make sure that you’re covered for everything you need, not only for your property but also from a liability standpoint. 

One of the benefits of doing a check-up with an independent agency like Goosehead Insurance is that they work with over 30 different carriers; they send out your one tiny bit of info to all 30 and let them fight over you so you get the best premium. I know this method is effective because Dyrke and his team cut one of my client’s insurance costs in half. 

Now, a lot of our audience may live in more urban inner city areas and perhaps own a condo or townhouse downtown, where there have been a lot of protests and riots. If that describes you, you may have already been wondering: “Is my personal property protected from riots?” As Dyrke put it, that’s literally the million-dollar question. 

“Your dwelling will be covered from things like graffiti and window breakage, minus your deductible.”

The popular saying that floats around is, “Don’t worry, that’s what insurance is for.” More often than not, though, that phrase can lead to unpleasant surprises. Dyrke checked in with nearly all of Goosehead’s carriers to see what happens in the event of someone’s condo or townhome being vandalized, and discovered that most have a categorization called “riot and civil commotion.” 

On most homeowner policies in North Carolina, your dwelling will be covered from things like  graffiti and window breakage, minus your deductible (if you have $1,000 or $2,500 deductible, that’s what you’ll have to pay first). However, any personal property stolen from your dwelling  will not be covered under the category of “riot and civil commotion.” 

What if an incident becomes classified as a terrorist attack? Most homeowners policies avoid acts of war and terror, so if the president were to declare a riot as an act of terror, there could be grounds to deny every claim. 

The best thing you could do is get a great agent, ask the tough questions, and make sure your policy protects you against the unthinkable. When most of us got our insurance policies five, 10, or 15 years ago, vandalism resulting from widespread civil unrest was not an issue we considered. We mostly assume we’re covered for unprecedented things like that because, once again, we think, “That’s what’s insurance is for, right?” 

If you want to make sure you have the right coverage and save money in the process, reach out to ‘the Gooshead guys,’ Dyrke Maricle and his business partner Scott Rudder, at 919-585-4444. They cover home, auto, and life insurance, with a professional focus on saving people the absolute most money possible on their policies. 

I hope you enjoyed hearing Dyrke’s honests insights on a tough topic. As always, reach out to us if you have ideas for future video topics or questions about anything relating to real estate. We’re here to be a resource for you.