It is a time when many people tend to focus on planning their budgets. I recommend you also take this time each year to review your personal insurance needs. Are your home and valuables properly protected?
Your home is one of your biggest investments and it is important to plan for the unexpected. While working with budgets, finding ways to save money becomes a priority focus. However, when reviewing your insurance needs, please consider that cheaper insurance could leave you unprotected when you need coverage the most. Let’s review some questions you should consider to help determine if changes might be needed to your policy.
- Have any additions been made to your home or renovations to the property that could increase the coverage amount needed, such as finishing a basement or upgrading a kitchen or bathroom?
- Do you plan to add any buildings, fencing, or a pool, etc. on the property?
- Have any new items been added to the household through purchase, gifts, or the passing of family heirlooms to you?
- Several personal property items such as jewelry, collectibles, fine arts, and guns have limitations on the amounts that would be paid if there were a claim.
- There are options to increase these minimum limits, including ways to schedule these items on your policy so no deductible would apply.
- Are there any new exposures in the home such as a pet or other residents in the household?
- Do you have any newly installed alarms or other loss prevention devices such as a whole-house generator, water detection system, or in-home safe? Depending on your insurance carrier, discounts might apply.
As your insurance needs change, so should your insurance policy. To help identify and explain the coverages and options that are right for you, it is a wise decision to contact your independent insurance agent for guidance. May your 2017 be a prosperous one!