The holidays are almost over and the new year is upon us. What will the dawning of a new year have in store for us? Is my insurance covering me for the changes I made this past year? Am I covered for the changes I’m going to be making this year?
After the joy and fun of the holidays, insurance may be the last thing on your mind. But as unattractive as it may seem, reviewing your policies can be a quick and painless process. Here are a few things to consider.
Do I have enough coverage?
Have you updated features in your home? New and updated home features can increase the reconstruction cost of your home and your limits may not reflect that increased value. You may have also acquired more valuables. Jewelry, art, and collectables have sub-limits on your policy that may leave you underinsured. Do I have replacement cost or actual cash value?
This is not a situation that you want to be in and it is important to review your policy to assure that your property and belongings are covered and covered correctly moving forward. This may not apply to everyone, but a review is a great opportunity for a refresher of what is and is not covered.
Do I have too much coverage?
Most homeowners insurance policies include a property inflation guard that will increase your dwelling coverage at each renewal. If you haven’t reviewed your policy in quite some time you may be over insured. You may have also purged your home of unnecessary personal property items and may need to amend that limit as well.
Assessing and adjusting these coverage limits can save you premium in the coming year. Anytime reducing or removing coverages I always think of the statement, “It is better to have it and not need it, than to need it and not have it.”
Am I missing any discounts?
Reviewing your policy is the only way to know if you’re missing out on any available discounts. Maybe you have added or plan to add a monitored alarm system to your home. Most homeowners carriers offer discounts for monitored systems. You may have also taken a driver’s safety course. A majority of auto insurance carriers offer additional discounts for completing a safety course.
The new year is also the time to mark your calendars for your policy renewal dates. Policy renewals are a great time to contact our office to re-market your policy with our other carriers and compare in order to assure you have a policy that suits your needs and fits your budget. Keep in mind, the lowest premium is not always the best option. Insurance is like a fire extinguisher, you hope you’ll never need to use it, but you’ll be glad you have it if you do.
And, finally, from all of us at Bouchard Insurance, we wish you good health and happiness in the New Year!
Raymond Killian is a Personal Lines Account Manager at Bouchard Insurance. Raymond is experienced in all lines of personal insurance.