TIPS FOR YOUR ANNUAL INSURANCE CHECKUP

Just as an annual physical is good for your health, taking time to regularly examine your insurance coverage can help ensure your financial well-being. Follow these simple steps to make sure your insurance coverage is still a good fit for your needs:

Review your current auto, home, and life insurance coverages. Know what your deductibles are for each policy (the amount of your claim for which you may be responsible). Contact your agent or insurance customer service if you don’t know the details of your policies.

Think about what’s changed since your last checkup:

• Did you get married or experience another life-changing event recently?
• Have you renovated, downsized, or upsized your home?
• Have you acquired a vacation or rental property?
• Do you have a new driver in your family?
• Have you joined a carpool and increased or decreased the number of miles you drive?
• Have you recently acquired valuable items such as jewelry, artwork, collectable coins, or electronic equipment?

You may want to change your insurance coverage depending on the answers to these questions. Make sure to ask your agent or insurance customer service about multi-policy, good student, and other discounts.

Now is also a good time to review your home inventory, or create one. Keep a copy of the inventory online or in a secure place, like a safe deposit box.

Make sure the liability coverage on your homeowner's or renter's policy is adequate. This may also be the time to consider getting a personal umbrella policy for additional liability coverage.

Consider natural disasters. Homeowner's policies do not cover flood or earthquake damage.

Evaluate your auto coverage. If you have an aging vehicle, you may want to remove collision coverage. If you’ve changed jobs, retired, or plan to go on more (or fewer) long-distance road trips, you may want to adjust your policy to reflect the number of miles you intend to drive. If your child is going away to college with a car that’s covered by your policy—or leaving a car at home—be sure to inform your agent.

When something unexpected does occur, you’ll have the peace of mind that comes from knowing you’ve covered all the bases at your spring insurance checkup.

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