Spring Cleaning Your Insurance Policies
When we typically think of spring cleaning, we think of our homes and our cars. But, what about your insurance policies? This is a great time to reassess your insurance policies and take a look at whether or not you’re under or even perhaps over-covered. Here are a few things to take a look at when “spring cleaning” your insurance policies.
Are you overinsured or underinsured? Some things that may have changed this would be a new vehicle, a new home, etc. Purchasing new and more expensive items can change your insurance needs. Something as simple as changing your driver’s license can lower your car insurance premium if you move from a large city to a smaller, safer area. Think about remodels and renovations here as well. If something inside your home is now worth more, you may need to increase your insurance coverage.
Are you getting all the discounts that you can? We always help our clients with this one but it’s important to know what discounts you’re eligible for and ensure that you are getting them. Bundling insurance is one way. Being a safe driver is another. Ask if there are any new discounts available with auto insurance providers as well. If you’ve recently become a student, you can qualify for student rates.
Life insurance updates: This is a great time to update any beneficiaries, review policy terms, and assess the amount of policy in the event of your death. Is it enough to cover the funeral expenses and take care of your family when you're gone?
Do you have home flood insurance? It’s important to know whether or not your home is in a flood zone. If it is, you should obtain flood insurance. This must be purchased separately from the homeowner. This is the mistake that a lot of homeowners make thinking that their homeowner’s cover will take care of this in the event of flood damages. This is incorrect. You may even want to consider having it even if your home isn’t in a high-risk zone.
These are our top ways to “spring clean” your insurance policies. The beauty of working with us is that we do the leg work for you. If you’re a current customer, please don’t hesitate to reach out with questions on how to clean up your policies. If you’re not a customer and think you might be paying too much for too little, contact us for a quote today!