Most people don't think about their insurance - until they desperately need it.

In this episode of Insurance Hour, host Karl Susman explains why reviewing your insurance policies at least once a year is essential to protecting your finances and your future. From homeowners and renters insurance to auto coverage and beyond, Karl breaks down where coverage gaps hide, why rebuilding costs continue to rise, and how outdated assumptions can leave you exposed when disaster strikes.

You'll learn:

• Why market value and replacement cost are not the same

• How deductibles and sub-limits affect real-world claims

• Why renters insurance matters even if you "don't own much"

• What's really driving higher auto insurance premiums

• Practical ways to reduce costs without sacrificing protection

This episode is a must-listen for anyone who wants fewer surprises, smarter coverage, and a clearer understanding of how insurance really works - before a claim ever happens.

Key Discussion Points

• Annual Insurance Policy Review: Insurance policies require regular evaluation to ensure adequate coverage as circumstances change over time.
• Homeowner's Insurance: Replacement cost coverage may be insufficient due to rising construction costs and material shortages during catastrophic events.
• Auto Insurance: Premium increases driven by higher vehicle costs, advanced technology in cars, and increased medical treatment expenses.
• Renter's Insurance: Often overlooked but provides crucial liability protection beyond personal property coverage.

Coverage Adequacy Assessment

• Replacement Cost vs. Market Value: Market value of homes differs significantly from replacement cost, which only increases over time due to construction costs.
• Catastrophic Loss Scenarios: During major disasters affecting thousands of structures, rebuilding costs can increase dramatically due to contractor and material shortages.
• Personal Risk Tolerance: Homeowners must decide their comfort level with risk exposure based on potential loss scenarios.

Cost Management Strategies

• Deductible Optimization: Raising deductibles can significantly reduce premiums across all policy types.
• Higher deductibles often pay for themselves within 6-12 months through premium savings.
• Coverage Adjustments:
• Other Structures Coverage: Can often be reduced if not needed.
• Personal Property Limits: May be lowered for those with minimal belongings.
• Loss of Use Coverage: Can be reduced or eliminated if alternative housing is avail ...