The New Year is here, and with the New Year comes different goals and various changes in life. Many people try and push through these new life changes, but often forget that their insurance policies still exists, but may not live up to their new lifestyle. Everyone who has their own insurance policies under their belt should look over their policies annually to ensure that they have adequate coverage.
When you review your policy, you’ll be able to prevent being under insured or over insured. As you move, take on new challenges, or introduce new people into your life, this insurance policy may have to be altered. We aren’t only talking about one type of insurance, either, as there’s more to life than life insurance!
Homeowner’s Insurance Policy
Insurance on your home is incredibly important, especially if you’re moving to flood prone or dry places. Whether you’re at risk for a forest fire, or live in a flood zone, thinking you’re invincible is naïve and immature for someone who owns a home! More than 50% of homeowners are under insured, or not insured at all. As the market fluctuates, you must know the value of your home annually, or else you may be overpaying or under paying as the current circumstances will have it. Just because you already had a plan put into place when you bought your home, doesn’t mean that this shouldn’t change according to the market. Don’t let yourself be a victim to becoming under insured a year after buying your new home.
When you don’t have an annual update to your policy, you could find out the hard way that your materials for rebuilding aren’t covered, and you’re the victim of depreciation. Factors that may also change your homeowner’s insurance policy include the following:
- Electrical upgrades
- Home additions
- The addition of a swimming pool
Even life changes will have your home subject to an annual insurance change. When something happens, and you don’t have this insurance policy changed, both of you could be subject to pay for the damages legally, even if they don’t live there anymore with you.
Liability Insurance and Your Umbrella Policy
Your policy a year ago might not ring true anymore if you’ve had a fantastic and prosperous year. Maybe you’ve gotten a few big toys for your home that you couldn’t stand to see go to waste. When this happens, you’ll want to alter your umbrella policy a tad so that these items are at least partially covered in case something goes awry.
Auto Insurance Policy
Besides the people in your household, or your home in general, a car is the most important thing to have insurance for. When your insurance increases, you should consider added a type of emergency service to this policy in case you get a flat tire or break down on the side of the highway. If you’re a good driver, inquire about positive changes that can be made to your policy annually.
Boat insurance is yet another thing you should look into if you already have adequate policies on your home, your vehicle, and your life. Even if you’ve only recently purchased fishing and diving equipment to be used with this boat, having reliable insurance to replace or cover the costs of these items when something goes wrong is extremely important.
Have you reviewed your policies for 2018 yet? Contact us today to ensure that you have adequate coverage!CONTACT US