How often do you look over your personal insurance policies? Do you not give them too much thought and just renew them for the current amounts? If you do just this and fail to examine how much insurance you have and whether or not you need to make some adjustments, then you’re making a critical error. After all, with the rising value of many things, like homes, you need to make sure that you have enough insurance to cover the costs of repairing any damage.
January is the ideal time to go over your policies and update them as needed. Here are a few things to consider during this process.
Scheduling an Insurance Review
There are a few different ways to conduct your insurance review. You can always pull up the information yourself regarding your home’s value and your current insurance plans. Making changes when your policy is up for renewal in January is something you can manage yourself for the most part.
However, if you truly want to have the correct updates, you’ll need to meet with your insurance agent or someone at the company. They’ll be able to go over everything with you in depth and provide advice regarding your policies that you may overlook when trying to do it yourself. An expert can ensure that you have the right amounts of coverage for all of your personal insurance policies. Scheduling that appointment is the best way to go.
Policies to Update
When considering which policies to update, there are several crucial ones on the list. These include:
Auto – Your auto policy not only needs to meet the state minimums, but it should go beyond that to the point of having full coverage, not just liability. This means that you’ll need to determine how much your car is worth to see if GAP coverage can help, as well as special riders to pay off your auto loan should something happen to you. Make sure that you have the right amount of liability, as well.
Home – How much will it take to rebuild your home should it burn to the ground? Remember that rebuilding costs are often more than just the value of your home, thanks to materials and labor. Since your home’s value more than likely went up, this is something that you’ll need to adjust. Also, don’t forget about special coverages like flood or wind insurance. Your insurance agent can help you with this.
Life – Do you currently have life insurance? If not, it’s time to obtain a policy, since funeral costs are soaring, and you have a family to take care of. An insurance agent can help you choose the best type of life insurance for your needs, as well as determine the right amount.
Contact Spivey Insurance
Are you ready to review your personal insurance policies? If so, contact Spivey Insurance. Our knowledgeable insurance agents can help you get the coverage amounts that you need while undergoing your annual policy review.
