Insurance is necessary for your home, car, life, boat, motorcycle but it is also a topic that can bring panic or a glassy-eyed look. We don’t know if we’re getting a good deal and maybe don’t understand the insurance industry’s jargon.
I like John Mica’s approach at Shelter Insurance. He encourages an annual review of your insurance policies to make sure you’re up-to-date, have enough coverage to get you through a crisis and that you are getting the best coverage for your money.
Here is a checklist John recommended for my annual review.
Has anything changed? Did you remodel, add a family room or install a new heating system? Those items can affect coverage. The insurance you purchased 10 years ago may not be adequate for your current lifestyle.
New stuff. Have you purchased expensive jewelry or a new whole house stereo system? You’ll want to add those items to your policy in case of theft or damage. A yearly insurance coverage review helps you take inventory of your possessions.
Liability. Are you sure you understand what types of liability insurance you have? If you installed a backyard swimming pool with the team from theflpools.com, you’ll need personal liability coverage in case someone is injured in the pool area.
Are you covered for flooding and earthquakes? Those types of disaster events can be added to your policy if you live in an especially vulnerable area. Your insurance agent has all the latest details on catastrophic coverage.
Are you getting deals and discounts? Bundling your insurance needs with one agency—home, car, life—will get you a handy discount. So will installing smoke detectors and using an approved alarm system. Upgrading your heating and air conditioning systems for energy conservation and installing new plumbing in your home gets you in line for a discount.
Where are you now? The annual review is also a good time to update all your personal information, including cell phone and all email addresses. In this digital age, your agent will need quick references to get back to you in the event of an emergency.
A painless review of your homeowner’s insurance policy with a qualified agent may just change your life a bit by saving you money and increasing your sense of security.
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