With 2016 upon us, taking better care of our families and saving money top many January “To Do” lists. Spending a bit of time assessing your current insurance policies, switching to a new policy or identifying a new discount on your current policy can provide positive steps toward both of these resolutions. To get started, gather each of your polices, auto, home or renters, flood, motorcycle, RV, boat, umbrella and life insurance—the information that you need will be on the summary page of each policy: Amount of Coverage, Premiums and Deductible.
Motor Vehicles: Look carefully at each coverage level and decide if the amount is appropriate for your current situation. You can find out the minimum levels required by your state or finance company, while considering your ability to pay out-of-pocket for some costs. You may opt for a higher deductible, but be sure that you can comfortably afford to pay that deductible if you must make a claim. You may also be eligible for discounts if you have reduced your commute or are able to bundle multiple policies with the same company.
Homeowners or Renters: Coverage for your personal possessions or your home may need to be changed once a year or more depending on whether you’ve made significant purchases or home improvements. Check that you have adequate coverage for special items such as jewelry or artwork. Evaluate the replacement cost of your home, to determine if a gap in coverage exists due to rising construction costs. You may increase your deductible to reduce your premium, but again, be sure that you will be able to handle the expenditure if you must make a claim. You may also qualify for discounts for installing a security system or bundling your coverage.
Flood Insurance: Are you covered for your home and personal possessions? Remember, flood damage is NOT covered by your homeowners’ policy. Floods can have many causes; including melting snow, this is a good time to consider it before the spring thaw, even if your home is not located in a flood zone.
Umbrella Insurance: This is an inexpensive way to provide extra protection for your financial security– including your future income, investments and retirement funds— from loss because of a lawsuit.
Life Insurance: If your dependents rely solely on your income, life without it can get very difficult very quickly. Adequate coverage will promise you they won’t be left scrambling when the monthly bills start coming in after your passing. It can also help cover any necessary funeral, remains and estate tax expenses you don’t want your loved ones to be burdened with. Certain policies may also allow you to build cash value over time.
At D.F. Dwyer Insurance, we are here to help you with all of the insurance pieces of your resolution puzzle. Give us a call today at 401-846-9629, let’s make a date for a FREE policy review to evaluate your coverage. We are happy to help with suggestions and adjustments to benefit you, your family, your budget and your peace of mind. What a great way to start the New Year!