Spring Cleaning For Your Insurance Policies

Is my home covered for its full rebuilding cost? Review your policy to make sure that you have enough insurance to rebuild your home. If you have done any major remodeling to your home, such as adding a room, enclosing a porch or enlarging a kitchen or bathroom, you should let your agent know.

  1. Is my home covered for its full rebuilding cost?
    Review your policy to make sure that you have enough insurance to rebuild your home. If you have done any major remodeling to your home, such as adding a room, enclosing a porch or enlarging a kitchen or bathroom, you should let your agent know. At the time of a claim is a terrible time to find out you do not have enough insurance to rebuild your home.
  2. Do I have enough coverage for expensive items?
    Do you have valuable jewelry, furs, silver or collector’s items? There are dollar limits for the theft of these items. It is a good idea to have them listed on your policy and insured to value.

    If you already have items scheduled on your policy, when is the last time you had them appraised? The policy will only pay up to the listed amount. If they have increased in value, the limit should be raised.

    The best way to keep track of your belongings and make sure they are adequately insured is to create a home inventory.

  3. Do I still need comprehensive/collision on my car?
    You are the only one who can answer this question. I advise clients to go to KBB.com, put in the description of their vehicle and look at the private sale amount. This is approximately the amount you can expect to receive if your vehicle is totaled. To get an accurate estimate, you have to be realistic. If your car is covered with rust, don’t say it is in excellent condition. Once you have this information, you can decide if it is worth it to you to pay a little extra to have full coverage. Keep in mind that if you do not have full coverage, you usually cannot have coverage for a rental vehicle or roadside assistance.
  4. Do I have enough liability insurance to fully protect my assets?
    Your home and auto policies have liability coverage which pays for judgments against you and your legal fees up to a set limit. Many people feel they don’t have enough that they have to be worried about law suits. Unfortunately, this is not true. Your future wages can be garnished for the rest of your life if necessary. Even if you win the lawsuit, there are still lawyer fees and court costs. Having the proper coverage gives you peace of mind and can be a lot cheaper than a lawsuit.
  5. What kind of vacation will I be taking this summer?
    If your vacation involves non-refundable tickets travel insurance can help protect your investment. If you are planning to go to Florida but a hurricane comes up, you will have to postpone your vacation. Without travel insurance, you could lose all the money you have paid out. Travel insurance can also help with medical costs if you are hospitalized while in a foreign country.
  6. Should I rent out my house during the vacation period?
    If you ever plan to rent out your home for short or long term periods, always check with your agent first. A homeowner’s policy insures the home while the homeowner is living in it. If you move out, even temporarily, the insurance company could deny the claim should you have one. There may be certain cases where no changes would need to be made but it’s best to check with your agent to make sure you are covered properly.

    Whether you do it in the Spring or some other season, it’s a good idea to review your insurance once every year or two and make sure you are still getting the best protection you can.

Call our office to review your policies:
The Agent Insurance Services
330-758-3339

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