A Coverage Gap is a situation where a loss or a liability claim, which is a claim that you caused harm to someone else, is not covered or is only partly covered by your insurance. Gaps can develop when dwelling limits fall below the current cost to rebuild or when valuables exceed a policy’s sublimit, which is a lower cap for certain items. They may also arise from excluded activities, such as short-term rentals, from property that has no policy at all, or from outdated policy details.
Life changes can affect your insurance coverage in ways you may not expect. From paying off a mortgage or auto loan to purchasing an e-bike, adding solar panels, or placing property in a trust, keeping your insurance agent informed can help prevent coverage gaps and unexpected issues when filing a claim. Learn about some of the most commonly overlooked insurance updates.
Murphy Insurance Agency provides insurance solutions across Massachusetts and New England. Where you live is not a barrier to our assisting you. We are proud to serve the communities where our customers live and work, including Acton, Ashland, Ayer, Bellingham, Berlin, Blackstone, Bolton, Boston, Boxborough, Boylston, Chelmsford, Clinton, Concord, Devens, Dunstable, Fitchburg, Foxborough, Framingham, Franklin, Groton, Harvard, Holliston, Hopedale, Hopkinton, Hudson, Lancaster, Leominster, Littleton, Lunenburg, Marlborough, Maynard, Medfield, Medway, Mendon, Milford, Millis, Millville, Natick, Norfolk, Northborough, Northbridge, Pepperell, Sherborn, Shirley, Shrewsbury, Southborough, Sterling, Stow, Sudbury, Townsend, Upton, Uxbridge, Wayland, Westborough, Westford, Weston, Whitinsville, Worcester, and last but not least, Wrentham.