Update What You Need and Eliminate What Your Don’t
Spring is the traditional time of year for cleaning your home, and it is also an ideal time to review your insurance coverage. As seasons pass, our lives change, and so do our insurance needs. Take the time this spring to read your policies and ask yourself the following key questions:
- Is my home covered for its full rebuilding cost?
If you have made major improvements, such as adding a new room, enclosing a porch or expanding a kitchen or bathroom, you risk being underinsured if you don’t adjust your homeowners insurance coverage limits. And if you don’t yet have a separate flood insurance policy, now is a great time to ask about our new Flood Insurance options.
- Do I have enough coverage for expensive items?
Have you bought or received as a gift any valuable jewelry since you purchased/renewed your policy? And, when was the last time you had the items you owned appraised? Standard homeowners insurance has dollar limits for the theft of certain types of expensive items like jewelry, furs and silverware. This means that the insurer will only pay the amount specified in the policy—generally $1,000 to $2,000. To insure these items to their full dollar value, consider a special personal property endorsement or floater. This coverage includes “accidental disappearance,” meaning coverage if you simply lose that item—and there is no deductible. But remember that items can go up or down in value. Floaters and endorsements are priced on the appraised value of an item or collection so have periodic reappraisals done to make sure you are purchasing only the amount of coverage you actually need. The best way to keep track of your belongings and make sure they are adequately insured is to create a home inventory.
- Do I still need comprehensive/collision on my car?
If you’re driving an older car that is worth less than $1,000, the optional coverages may no longer be cost effective. You can save money on your premium by dropping either comprehensive or collision.
- Do I have enough liability insurance to fully protect my assets?
Standard homeowners and auto liability coverage pays for judgments against you and your legal fees, up to a limit set in the policy. However, in our litigious society, you may want to have additional protection—that’s what an umbrella liability policy provides. It kicks in when you reach the limit on the underlying liability coverage of your homeowners, renters, condo or auto policy. If your assets have increased, you’ll have more to lose and may want to consider this extra layer of protection.
- What kind of travel will I do this summer?
Whether you are taking an all-inclusive luxury tour or planning an active adventure such as biking or hiking in an exotic locale, travel insurance can help protect the financial investment in your vacation.
- Should I rent my house while I am on vacation?
Depending on the rental scenario, your standard homeowners policy may not cover losses incurred while your home is rented out, and you may require a more specialized insurance policy. Your first step should be to call us to determine if your current policy covers this usage of your home.
Winter, Spring, Summer or Fall, give us a call at 401-846-9629, we’ll customize coverage just for YOU!
Season after season, year after year, we’re here to help!
Content Source: iii.org
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