In 2013, I want to ask each of you to take some time to also review your insurance coverage. Yes, I know this doesn’t sound very exciting, but I promise it will give you peace of mind for the new year. It will also help ensure protection for your home, automobiles, jewelry, and other assets.
When was the last time you reviewed your coverage? Most of us review our policy when we have to file a claim – when the toilet over flows or you lose your favorite watch. This is the time we rustle through the filing cabinet to find our policy. We dust off the paperwork and realize that we have no coverage for lost jewelry items or we have a deductible that is way beyond our means. Be proactive now and review your coverage.
The following are recommendations for your review:
- Look at your Homeowner’s policy and check your coverage and policy limits, which can be found on the Declarations Page of your policy. Some questions to ask yourself:
- What is the policy limit for my structure, personal property, and loss of use?
- If my home burned to the ground would I have enough money to replace my home and its belongings?
- What coverage do I have for water damage?
- Do I have any protection for my foundation?
- Are my contents covered on a replacement cost basis
If you feel your are underinsured or are unsure what is covered, then call your insurance company or agent and review your policy.
- Check your deductibles on your homeowner’s and your automobile policies. Can you afford the deductible in the event of a loss?
- Are your valuables adequately protected? Do you need separate coverage for your wife’s wedding ring or that piece of art in your living room? What kind of coverage do you have for antiques and firearms?
- Contact your insurance representative if you have made any additions or improvements to your home that may increase its value.
- Review your liability limits on your automobile and homeowner’s polices. Are your assets adequately protected?
Don’t wait until that tree is in the middle of your living room! Take a look at your policy, then contact your independent insurance agent or representative and discuss your coverage. Have a great and prosperous year!