The beginning of a new year is a time when we find ourselves assessing our life, career and/or health. Why not your insurance as well? As our lives change, so do our insurance needs. Just as you get a yearly physical exam and car inspection, so too should you review your coverage to assure that you are adequately covered.
- Structural: Construction costs, like everything else increase over time. The cost to replace your home is different today than it was ten, five or even two years ago. Perhaps you’ve added a deck or an addition to your house or upgraded your kitchen. These are factors that count toward the estimated cost to replace your home. Make sure your homeowners’ coverage is keeping up with your current replacement value. (By the way, this value is not the same as your market value.)
- Home inventory: The more details you have regarding the contents of your home, the easier it is for an Adjuster to account for them at the time of a loss. Checklists, photos and videos go a long way toward settling a claim. It’s important to record all relevant information. Checklists templates are available through our agency. In the event of a fire, it’s imperative to keep a copy of these records offsite. You can upload them to the cloud, keep them in a safe deposit box at your bank or provide copies to our agency.
- Additional coverage: Homeowners’ policies typically provide very limited coverage for jewelry. Did you get a new ring for Christmas or recently inherit a family heirloom? It’s important to have your jewelry appraised and specifically added to your policy to get the full replacement value for any missing or damaged items. Appraisals should be updated too; with the value of diamonds and gold fluctuating, you may be surprised by the current value of your jewelry.
- Lienholders and mortgagees: Did you refinance a car? Was your mortgage sold to another bank? Did you pay off your vehicle or home? Making sure your lienholders and mortgagees are up to date can avoid any delays down the road.
Life and family
- Is your life insurance up to date? Do you have enough coverage to ensure your loved ones can maintain their current lifestyle?
- Have there been changes to your family structure? Marriage, divorce, births and deaths all affect your insurance needs.
- Are your beneficiaries accurately listed? Has their contact information changed?
An annual review may also save you money. Talk to your agent about the possibility of increasing liability limits on your auto, home or recreational vehicles and taking advantage of all the discounts available to you, such as those offered for bundling your home and auto policies, setting up automatic payments and/or signing up for paperless delivery.
Call us today to schedule your annual checkup. We’ll discuss life changes, coverages, and your overall insurance costs to assure that you’re still getting the best value for your personal needs.