By Joe Capers, Insurance Zone
Although I encourage everyone to engage in an insurance review at any time during the year, the New Year is the perfect time to resolve to better protect your family’s home and belongings.
When was the last time you reviewed your insurance?
The review should include an analysis of current exposures, a review current policies and limits, with recommendations to maximize protection by offering competitive alternatives.
As a good rule of thumb, when there’s a change in your life, more likely than not, your insurance will need to change, too. Some of the more common events that you may have experienced are if you have gotten married, had a baby, added a four-legged friend to your family, sent a kid off to college, a major renovation, bought a car, boat, RV, ATV or trampoline, replaced your roof, added a pool, made a big purchase like a diamond ring, fine art or a set of golf clubs, or started a business, your insurance is most likely out-of-date and it is time for a review.
There are many benefits to an annual insurance review. First of all, in the instance of a loss, you’ll want your policy to be up-to-date to ensure that you’re covered. During an insurance review, your agent will go over specific details about your life and insurance policies to make sure that all your needs are met. Secondly, you may find something that you don’t currently have covered, a discount that you aren’t taking advantage of, or an extra coverage to add at no additional cost. Finally, your agent can help you understand your current coverages and go over any changes in your premium cost.
Here are a few important items to address in an annual review and this checklist will keep you prepared.
Your Auto Policy. Don’t make the mistake of setting it and forgetting it and letting the policy automatically renew every period.
• Change in Vehicle Use. Maybe you no longer commute to work or the distance may be shorter.
• Older Vehicles. Vehicles depreciate so review increasing deductibles or eliminating coverage.
• New Drivers. Additional or youthful drivers should always be added to prevent gaps.
Your Home Policy. Like the Auto Policy, don’t renew without a review each year.
• Home Value. Reconstruction costs have risen significantly, so the limits need to increase.
• Renovations. This cost must be considered and coverages adjusted accordingly.
• New Collections and Valuables. Did you add valuables to insure?
• Home Inventory Checklist. This comprehensive list should be extremely detailed with photos and receipts, updated often and securely stored
• Umbrella and Flood should be evaluated as well.
Your Life Insurance. Placing life insurance on those we care most about is a perfect act of love.
• Life Events. Marriage, children, and retirement should trigger a coverage change.
• Beneficiaries. Knowing who should receive the benefits sometimes without any disputes is the key.
• Lifestyle Changes. As are income, assets and standard of living increase, so should the amount of benefit.
• The time is now. The best time to establish or expand the protection foundations is when we are the youngest and healthiest.
There’s a reason to review your insurance policies each year. And there’s an even better reason to listen to your agent’s professional recommendations based on your situation and their experience and expertise. Your insurance policies are there to protect not just your life and property, but your bank account as well.
Insurance Zone, founded by Joe and Lea Capers, is a full service commercial and personal lines insurance agency serving Destin, Miramar Beach, Santa Rosa Beach (30A), Niceville, Freeport and Inlet Beach. Visit their interactive website at www.ins-zone.com and click on our Video Library to watch several informative videos to enhance your Personal and Business Insurance Programs, or simply call 850.424.6979 and talk with an IZ Team Member.
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