How to assess your insurance coverage for adequacy before you're involved in an accident.

Often the first time many people really read their automobile or homeowner’s insurance policy is after an accident or loss. This is like closing the proverbial barn door after the horse has gotten out. Nobody ever plans on being involved in an accident; however, more than 250,000 auto accidents occur each year in Florida alone.

And accidents often have a profound impact on many families, including my own. A drunk driver killed my father. My wife’s brother was permanently brain damaged as a result of an automobile accident. In both of these tragic accidents, there was not adequate insurance coverage to cover the extensive medical expenses and other losses. That is why it is critical to check your insurance policies before an accident or loss.

Insurance law is a matter that is reserved to the individual states. This means that automobile and homeowner’s insurance can vary from state to state. This can be a serious shock to our many residents who move to Florida from other states. The only insurance coverage required by Florida to drive and own a vehicle is $10,000 property damage coverage and $10,000 personal injury protection (PIP) coverage. In addition, the state of Florida allows you to elect a deductible of up to $1,000 under your PIP coverage. This means the insurance company will not pay any of your medical expenses under your PIP coverage until they exceed $1,500. This is shocking to many people when they are involved in an automobile accident and attempt to obtain medical or chiropractic treatment. That's why it is best to not select a deductible under your PIP coverage.

Another disturbing fact relative to insurance coverage in Florida is that 30 to 40 percent of the drivers in Florida do not have third-party liability coverage. This means that they have no insurance coverage under their automobile policy to pay for your injuries or medical expenses. This is a terrible state of affairs that we have been attempting to get the Florida legislature to change since 1979, to protect the citizens of this state without success.

Always carry Underinsured/Uninsured Motorist Coverage to protect you and your family. This will protect you from the 30- to 40-percent chance of having an accident with an uninsured or underinsured Florida driver. Also, if you own two or more automobiles in a household, always buy Stacked Uninsured Motorist Coverage to double your protection. By electing stacked coverage, the limits for each vehicle insured by this policy can be added together. For example, if you have two automobiles that have $10,000/$20,000 coverage, the coverage would actually be equivalent to $20,000/$40,000 limits. With Non-Stacked Coverage, the stated limit applies per accident, regardless of the number of vehicles insured. Be sure you have adequate coverage before an accident, rather than discovering this fact after the fact.