14 useless insurance policies

Yes, amigo, you do.

"Your auto coverage extends automatically to a rental car," Hungelmann says. "If you have full coverage on at least one vehicle, you won't need to buy optional coverage."

If you don't have full auto coverage in place, you're not necessarily stuck. Your umbrella home-life-auto policy may cover rentals, and many credit card companies will provide first-dollar coverage on damages if you charge the rental on their card.

14. Scheduled property 
Judicious use of "scheduling" -- singling out valuables like jewelry and artwork for individual underwriting -- can make quite a difference in the event of a loss.

Take artwork, for example.

Most insurers offer the option to schedule artwork, even though most policies place no limit on coverage. If you scheduled your prize painting for $20,000 and it is stolen, you get $20,000 from your insurer, even if the painting has doubled in value over the years.

If, however, you did not schedule it and can provide documentation (photos, receipts, appraisals, etc.) that it was worth $20,000 at the time you insured it, you would receive $40,000 for its loss.

"If you're going to replace something, schedule it," Hungelmann says. "If you're not going to replace it and all you're going to get for it is cash, why spend the money?"


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