Review Your Insurance Coverages During the New Year
The New Year is a time when most of us set the bar high for ourselves. Although you may have made some good New Year’s resolutions, to make sure you’re not leaving anything to chance, you should also revisit your insurance policies. Read on to get started!
Review Your Coverage
You’ll want to gather all of your insurance policies to begin. Sometimes, finding them is the hardest part! Once you have found them, resolve to keep them together in a safe and secure place. Although reading policies isn’t much fun, most people don’t go through them until they actually need to file a claim. Re-familiarizing yourself with the details can save you from headaches later.
Be sure to review:
- You can save money every month by increasing your deductibles. Keep in mind that you’ll need to keep this limit comfortable as an out-of-pocket cost.
- Actual cash value or replacement: Actual cash value is what the property is worth after depreciation, whereas replacement cost is a product at 100 percent with no use or diminished life span. Make sure you know what your policy covers.
Patch Up Gaps
One of the quickest ways to make your heart sink is to file a claim after a loss then find out that you don’t have the right coverage. Talk to your insurer about any gaps in coverage you may have. Keep in mind that certain high-value items may require additional cover, you may need to add on flood or earthquake coverage, and you may need to add your teen driver to your policy.
A New Year is a great opportunity to review your insurance policies. This year, commit yourself to resolve gaps and safeguard your finances. Talk to the team at Premier Risk Insurance to get started on your insurance policies and review!