by Allison Teetsel on Apr 28, 2015
It’s time for spring cleaning. As you clean and de-clutter your home, don’t forget to dust off your insurance policies! Here are some tips for ensuring that your insurance is in tip-top shape:
Review your auto insurance policy to make sure that your collision and comprehensive coverage meets your needs. Also double-check to make sure that you’re getting all of the discounts you’re entitled to. If you have a teen driver on your policy, they may qualify for a good student discount. If you have a driver in college who won’t be using the vehicle during the semester, you may qualify for a premium reduction.
Double-check your policy to make sure that the amount of coverage is appropriate for your needs. You should also review your beneficiaries, especially if you’ve recently gotten married, gotten divorced, or had a child.
When it comes to health insurance, the most expensive doesn’t necessarily mean the best. In fact, many people end up overpaying for their health coverage. If you’re young and healthy, you may want to opt for a high deductible plan to avoid paying a high premium. If you have a serious medical condition, you may want to opt for a plan that gives you several options for care. Your insurance agent can help you to choose a plan that best fits your needs.
Make sure that you have enough coverage to repair your home if it is damaged. Remember, replacement value is not the same as market value! Take into consideration the cost of labor and materials required to restore your home to its previous condition.
This is also a good time to create and updated inventory of your home possessions. If you’ve acquired any new valuables that exceed your home policy limits, ask your insurance agent about adding a rider.