20 Dec Start Your New Year Off Right with an Insurance Review
A new year is supposed to wipe the slate clean and allow you to start some things over, changing your habits in the process. In addition to any personal growth goals that you have in mind, it’s important to also consider some financial goals, such as making sure that your home and vehicles have enough insurance coverage. Called an insurance review, it’s a good idea to contact your insurance agent at the beginning of every year to go over your coverages in depth.
Why you ask? Because most likely, you’ll be surprised at what you uncover.
Homeowner’s Insurance Coverage
Thanks to the economy, prices for houses have gone up quite a bit over the past year. If you reviewed your homeowner’s insurance coverage last year, then you might find that your current coverage just isn’t enough to pay for the total replacement of your home should something happen to it. If you haven’t reviewed this coverage since buying your home several years or even a decade ago, then you’ll more that likely find that your coverage is hundreds of thousands of dollars short of what you’d need in case of a disaster.
When you ask your insurance agent about your homeowner’s coverage, make sure to ask about the following things:
- Any Upgrades or Remodels Done Recently – If you’ve recently added a finished basement, a sunroom, or refinished your bonus room so that you can use it for more than just storage, then the overall worth of your home may have gone up. These upgrades and remodels need to be noted on your insurance policy so that they can be covered in the event of a loss.
- Extra Riders for Pricey Items – Expensive jewelry and electronics aren’t usually covered under a standard homeowner’s policy. You’ll need a special insurance rider for them. If you’ve recently purchased new items or switched your existing electronics and jewelry out for new ones, you’ll need to update this rider.
- Additional Coverage for Your Outdoor Spaces – Things like pergolas, gazebos, outdoor kitchens, and even in-ground sprinkler systems should be covered by your homeowner’s insurance. If you’ve updated or added any of these items in the last year, make sure to let your insurance know.
Auto Insurance Coverage
In addition to checking to ensure that you have enough coverage for your home, you also need to verify that your auto insurance covers everything that’s needed. For example, if you have a specific type of car that has started to be targeted often by thieves, you may need to include an extra rider or increase your coverage to make sure that you won’t be left short should something happen.
Also, your state’s minimum car insurance covered requirements may have changed, so you might need to update your insurance to make sure that you meet all of the laws.
Contact Spivey Insurance
Do you need an insurance review in order to start your new year off right? If so, contact Spivey Insurance. Our expert agents can help you ensure that your homeowners and auto insurance covers all of your belongings.