The start of a new year is a good time to make sure your financial house is in order. Often things have changed over the past year and now is a great time to go through your insurance policies and look at your personal situation to make sure that your insurance still fits your needs in 2017. Here are a few examples of changes that an insurance review will target:
- Has your property changed? Have you renovated a room, purchased luxury appliances or added a swimming pool, basketball court, home theater or sun room? Major home renovations not only increase the value of your home, but also the replacement costs due to loss. You’ll want to review your homeowners policy with your insurance agent to make sure you are adequately covered.
- Did you sell a valuable collection (stamps, coins, etc.) you had listed separately on a personal items policy? Or did you purchase an expensive instrument for your child to play in the orchestra or band? Maybe you purchased cameras, computer equipment, guns or jewelry? If so, call our office to schedule an insurance review.
- Did you get married this year, have a new baby, get a raise, or buy a new home? Were you diagnosed with a serious illness? Life changes need to be protected, so that if the unthinkable happens, your family is protected and the plans you made stay in place. Take the time to speak with your insurance professional about life insurance or a life insurance review. Now is the time to find out if you need to increase or change your coverage.
- Did your son or daughter graduate from high school and head off to college? If your child does not take your car to college and doesn’t regularly use the family vehicle, you may be able to save money on your auto premium during the time your child is away from home.
Additional protections and cost savings to consider:
- Personal liability. It may be time to add an umbrella policy. For a reasonable premium, usually less than a dollar a day, an umbrella policy adds liability coverage above and beyond the limits provided by your primary policies. In some cases, the umbrella may even provide coverage for things that might not be covered in your primary policies.
- Bundle your policies to save money.If you have insurance policies with different carriers, you can usually save money by bundling them with one company. Talk with your insurance agent and see what discounts are available if you bundle you auto and homeowners insurance.
- Make sure you carry uninsured or underinsured motorist coverage. About 14% of drivers have no auto insurance or carry only the state minimums. Without uninsured/underinsured coverage, you will be responsible for the bills incurred by an accident with an irresponsible driver, even if you aren’t at fault. Remember, neither your liability insurance nor your umbrella policy will protect you if you’re in an accident with an uninsured or underinsured driver.
- Talk to your insurance agent about discounts and credits. Safety devices like alarm and security systems, battery backups for sump pumps, water leak detection systems, and generators often can reduce your premiums and save you money.
- Raise your deductibles. The average person has a homeowners insurance claim once every 10 years and an auto claim once every 5 years. With low deductibles, you may be paying more than you need to. If you are claims free, bet on yourself and raise your deductibles to lower your premium costs.
As an independent insurance agency, Foundation Insurance Group works hard to make sure you have the appropriate coverages at the best possible price. In order for us to continue to keep you properly protected, we need to review your policies as your life changes. Whether you are insuring your home and auto, or life, many changes occur during the course of a year that may modify the coverages and limits you need, or additional discounts and credits for which you may qualify. Help us help you! It’s time to evaluate your coverages and make any changes, so that you and your family will be fully protected.