This really is a lesson in making sure you have all the appropriate insurance, even if it costs more. You can’t just sign a policy and assume you are covered. You have to discuss the exemptions with the agent and then get more. This is where a good broker can help because they will tell you exactly what you have.
The media does distort stories like this. In their world, this couple should get 100% coverage even if they have a cheap policy. That’s like buying tickets for the cheap seats at the ballgame and demanding to be seated in the box seats.
As an aside, I have a family member who got “cheap” car insurance. He got in a bad accident where he hit two cars, a sign and went through a fence onto a golf course. His insurance ran out after the second claim and he had two or three parties suing him. He thought he was getting screwed too.
We have earthquake insurance in Eastern Kansas because we have a three story chimney. It only costs us about $20.00 a year. And everyone should go through their house and take photos of valuables, get them appraised, and index them with their homeowners. I had jewelry stolen in a break-in. The jewelry that wasn’t indexed I hardly got anything but the one ring that was I got full value.