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Do This Before You Need It

Do This Before You Need It

April 02, 2021
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The best time to review your insurance coverage is before you need it! It’s usually just a matter of allocating the time. After digging up the garden, try digging through your insurance coverage. Please reach out to me for a second opinion or for help putting these ideas to work for you.

Schedule a time to speak with me about your individual needs

Spring is a great time to review your household’s insurance policies. After purchasing the insurance, we often forget about it until we need it! Spend a morning making a list of each policy, then be sure you can log in to check that the personal information is correct for each. Then, bookmark each policy’s page on your web browser so you can find it again!

Another great page to bookmark is my FREE TOOLS financial calculators, you can go HERE to bookmark them.

Here are some common insurance policies to check:

Life insurance. Everyone who pays a mortgage or has dependents should have some life insurance. Life insurance can help cover mortgages, college tuition, funeral expenses, and even income in the event of premature death. The most common insurance is called ‘term,’ which provides coverage over a specific time before expiring. Other types of insurance may make sense, depending on your household’s specific financial standing. As a rule of thumb, it’s best to reassess your life insurance coverage annually. Why not now?

Homeowners’ insurance. An annual check-in on your homeowners’ insurance is always a great idea. Nearby home sales, a renovation, new fixtures, and a whole lot more can impact the value of your residence. If it’s not documented, it could lead to a gap in coverage if something happens to your house or belongings. Each year, update a detailed catalog of all of your possessions. Make sure to include expensive items, such as musical instruments, jewelry, electronics, art, and antiques. Use a home inventory app to help you streamline this process and keep the information in one safe spot!

Car Insurance. You’re legally obligated to have it, but that doesn’t mean it needs to break the bank! There are a few ways to save some money on car insurance. First, see what discounts you qualify for if you bundle. If you and your spouse have different car insurance companies, see what value you may get if one company coves you both. Call your home insurance provider first! See what raising your deductible does for your premiums. More out of pocket usually lowers your rates. Also, try paying semiannually rather than monthly. Lastly, update your annual mileage estimate! Car insurance premiums are based, in part, on the number of miles you drive. In general, the fewer miles you drive your car per year, the lower your insurance rate is likely to be, so always ask about a company’s mileage thresholds!

Please contact the office for a second opinion or for help putting these ideas to work!