Many people do not bother to review their home and auto insurance policies until or unless something major changes. During times of drastic change, however, making sure those policies are updated can fall through the cracks. It’s a good idea to take a second look at the coverage offered by your home and auto insurance policies at least once per year.
If you have made any major purchases, make sure your home insurance coverage reflects those changes. Make sure any new jewelry, expensive artwork or big-ticket electronics are covered under your existing contents portion, or consider adding riders or endorsements for these items.
Consider any remodeling or additions you have made to the home during the past year. A new kitchen, additional room or outbuildings such as a new shed or gazebo are all causes to report the additions to the insurance company to avoid gaps in coverage. Keep receipts and records for the work in case you need to forward copies to your company.
If you have installed a state-of-the art fire/burglar alarm system or upgraded your heating, plumbing or electrical system, make sure that your insurance company knows about these improvements. You may qualify for a discount.
For that auto insurance policy, consider if you need to add or remove any drivers as children become of age or move out of the home. Also review your mileage for the year. Any significant increase or decrease in the amount you drive should be reflected in your policy.
During this review process, you should also compare your existing policies and any changes you may need to others available. You may be paying higher premiums with your current company than needed, or you may lack sufficient coverage with that carrier.
Knowledgeable, independent insurance agents with Leslie Ray can help you through these reviews. Our experienced agents are always available to answer any questions you may have, suggest coverage options best suited for those major changes, and even assist you in locating a variety of quotes from a number of providers, ensuring the policies you choose offer the best coverage at the most affordable rates. Contact us to find out if your insurance should change with the New Year.