Last Updated on January 27, 2016
Has the New Year brought a fresh resolve to get the things done you’ve been putting off? Does making a maintenance appointment for your car, or seeing your doctor for a check-up come to mind? While making all those other appointments, you may want to schedule an insurance check-up while you’re at it.
Life events
Your life, health and personal insurance could be affected or need adjustment by many things that can occur in the course of a year. That’s why we recommend that you review your insurance coverages annually.
Is that new car covered at the limits you need? Have you gotten married or moved into a new home? Did someone get some jewelry over the holidays that needs extra insurance? Are you new parents or did you start a new job? Did you celebrate a big birthday? It’s important your agent knows about all the life events that may have happened since you last chatted.
Understand your coverage.
When you call for an insurance check-up, make sure you understand your coverage limits:
- Home replacement value
- What renter’s insurance covers
- Liability limits in your home, renters, auto and personal liability policies
- Medical payments coverage
- Deductibles
Ask whether you should be concerned about earthquake or flood coverage, which are not covered by standard homeowner and renter policies.
Discuss coverage for identity theft, backup of water and sewer, full replacement cost on your dwelling and contents, and whether or not you should add those additional coverages to your homeowner’s policy.
Make sure that there are no gaps in your liability protection. Will your auto or homeowner’s policies cover you adequately in the event you need that protection, or could it come up short and challenge your financial security? Discuss whether a Personal Liability Umbrella Policy (PLUP) is a good idea for your situation.
Home inventory
It’s probably a good idea to take a home inventory. Be sure to include serial numbers of expensive items such as electronics, which could prove very helpful if you had to make a claim. Precious art, jewelry, musical instruments and other items may need to be appraised and insured on a Personal Articles Policy (PAP) to be fully covered and protected for full appraised value.
Premiums
Finally, ask about discounts and make sure you are receiving any that may apply, such as multi-policy discounts and discounts for central station burglar/fire alarm. Some carriers even offer additional discounts on certain policies, such as your auto or home insurance, for having life insurance with the same carrier.
If you would like to compare, trust the agents and professionals at Allen Tate Insurance for valuable advice and an honest assessment of your current coverage.
