March is here, and that means one thing—March Madness! While fans are busy filling out their basketball brackets, we’re bringing the excitement to the insurance world with our own Insurance Bracket Challenge. Which policies are must-haves? Where do coverage gaps leave you vulnerable? Let’s break it down!
Homeowners Insurance vs. Renters Insurance
If you own your home, homeowners insurance is a no-brainer—it protects your house, personal belongings, and liability. But renters insurance is just as crucial for those who lease, covering possessions and liability even without property ownership. Coverage Gap Risk: Many renters mistakenly assume their landlord’s insurance covers their belongings—it doesn’t!
Auto Insurance vs. Motorcycle Insurance
Standard auto insurance is legally required in most states, covering accidents, liability, and more. But for those who prefer two wheels, motorcycle insurance offers similar protection tailored to bikes. Coverage Gap Risk: Not having comprehensive or uninsured motorist coverage could leave you paying out of pocket after an accident.
Employee Benefits vs. Workers' Compensation Insurance
Employee benefits insurance helps businesses provide health, dental, vision, and other perks to attract and retain top talent. Meanwhile, workers' compensation insurance ensures employees are covered if they get injured on the job. Coverage Gap Risk: Without the right mix of employee benefits and workers' compensation, businesses risk losing employees or facing legal liabilities.
Business Insurance vs. Professional Liability Insurance
Owning a business? Business insurance covers property, employees, and general liability. But if you’re offering professional advice or services, professional liability insurance protects against claims of negligence or mistakes. Coverage Gap Risk: One lawsuit could put a business under without the right liability coverage.
Marine Insurance vs. Umbrella Insurance
Own a boat or a commercial vessel? Marine insurance is non-negotiable. But umbrella insurance steps in when your existing policies hit their limit—covering home, auto, and even personal liability. Coverage Gap Risk: If a serious accident exceeds your liability limits, you could be on the hook for thousands—or more.
Life Insurance vs. Long-Term Care Insurance
Planning for the future? Life insurance provides financial security for your loved ones, while long-term care insurance helps cover costs of extended medical care later in life. Coverage Gap Risk: Not having long-term care insurance could leave you and your family struggling with high nursing home or home care costs.
Every person’s insurance needs are different, but one thing is clear—having the right coverage in place is key to financial security. A coverage gap can cost you big—don’t let it happen to you! Not sure if you have the right policies in your bracket? Sea Mountain Insurance is here to help you build a winning insurance game plan. Contact us today!
Call us today! Let’s make sure your coverage is ready for whatever life throws your way.
