With the arrival of spring, many people take this time to give their insurance policies a “spring cleaning”, reviewing them to ensure they have the proper coverage.
This annual review of your coverage should include the following:
Review any improvements you have made to your home. From your roof, to your basement, it is important to review any renovations or improvements that you have made to your home since last spring. For example, if you remodeled your kitchen, then it is important to examine your homeowner’s policy in order to ensure it offers sufficient coverage in the event that you need to rebuild your home to its current state.
Review your personal assets. Perhaps you received expensive jewelry for Christmas, or purchased valuable items over the past year. If so, you may wish to check to see if their total value exceeds the limits on your homeowners policy. If they do, then you may want to consider a personal property endorsement or floater to ensure you have proper coverage.
Review your auto coverage. You might be able to save money by lowering your auto coverage. For example, if your car is worth less than $1,000, or less than 10 times your premium, then collision coverage may no longer be cost-effective for you.
Review your other needs. If your assets have increased, they might be at risk, especially if you are confronted with a lawsuit. To protect you and your assets, you may wish to consider an umbrella policy, which covers you if you reach the liability limit of a standard homeowner or auto policy.
Consult with your insurance agent to determine what changes may be best for you this season. Contact Brazelton Insurance Group for more information today!