Every year I make New Year’s Resolutions. Usually they involve eating better and exercising more. (Yah right!) Things that will improve my physical health. This year, I am looking at my financial well being and that means digging out the insurance policies!
Resolution #1: Find and READ my insurance policies. Not just the part that tells me how much is coming out of my bank account each month, but really looking at what I am covered for. Do I have enough coverage to rebuild my home in the event of a total loss? Is my income replacement benefit enough to pay the bills if I am severely injured in an auto accident? Auto, home, life and other insurance needs change over time — as you move, switch jobs, add to your family, change vehicles and grow older. I want to make sure that I have enough coverage, but also that I am not carrying more insurance than I really need.
Resolution #2: Talk to my broker. Parts of my life have changed, like my driving habits. I don’t have a long commute anymore and the increasing cost of gas has meant that I don’t drive any further than I have to. Auto insurance premiums are often driven by how often you drive and to your vehicle model, so talking to my broker about these changes should help lower my premium.
Resolution #3: Take stock of my possessions. The start of a new year is a great time to update the inventory of my stuff. If I ever need to make a claim, I’ll need an accurate list. I have also received some new presents that are worth a lot (thank you Santa) and I want to make sure that I have them covered correctly. Is my jewelry all scheduled and valued correctly? What about electronics, the kids instruments and sports gear? Maybe I’ll make my inventory before I talk to my broker so they can make sure that my policy takes into consideration all of the things in my home.
If you don’t want to take time to write things down, get your camera or smart phone out and take a video of your home, room by room, so that you can show an adjuster what you had before the loss. You can also go to our website and download our mobile app and compile your home inventory there.
That’s it. That’s my resolution list. No more than three that way I have a better shot a keeping them. Now to dig my way through the left-over Christmas chaos and find my policies!
