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Personal Lines Insurance Checkup

Personal Lines Insurance Checkup

It’s that time of year again when we review how far we’ve come in life and try to determine what the next year will bring. Now is a good time to do an personal lines insurance checkup. Many things may have changed in the past year that could affect your coverage. Here are some questions you should ask yourself: Did You Move? If you were fortunate enough to buy a new home or move to a larger place in the past year, did you remember to bring your insurance coverage with you? Continuing to pay premiums on a policy for a home where you no longer live doesn’t make good financial sense, and will be disappointing in the event of a claim. Check your policies to make sure that they have the right location address and that the amounts of coverage are sufficient to cover both your new home and your personal property. If you purchased new furnishings to go in your new place, will you have enough coverage in the event of a fire or other disaster? While you’re checking, make sure you have flood insurance as part of your portfolio. If you don’t have this coverage, now is the time to call your broker and get it in place. There is a 30-day wait before coverage begins, so don’t delay. Did You Remodel? If you didn’t move, you may have done renovations on your home. That new kitchen, bathroom or den not only looks amazing, but it increases the value of your home. Underinsuring your property can result in coinsurance penalties in the event of a claim....
Christmas Insurance: Holiday Survival Guide

Christmas Insurance: Holiday Survival Guide

We know that with the holidays coming up, the last thing on your mind is insurance. However, the season of gift-giving can bring about changes in your financial picture that you may need to account for when it comes to your homeowners, renters, auto and other insurance policies. Is there such a thing as Christmas Insurance? Technically, no, but there are ways to make sure your current insurance covers you before, during and after the holidays. Is It Insured? Most holiday gifts will actually increase the value of contents in your home. If you purchase or receive electronics, jewelry, firearms, gaming systems, antiques or collectibles, you should consider the impact on your insurable bottom line. Check your policy or contact your broker to determine if you should increase your contents limit or any sublimits for these new items. If you were lucky enough to give or receive a vehicle this holiday season, don’t forget to check your auto insurance policy. Some policies may extend coverages to new vehicles for only a few days so you will need to contact your broker to add coverage as soon as possible. If your newly minted driver received a vehicle, both vehicle and driver should be added. Unusual items such as drones, golf carts or boats may not have insurance automatically extended to them by any policy. Your broker should be consulted to deterwmine whether coverage exists or needs to be purchased separately for these items. Thwart Thieves In early January 2015, a Florida resident returned home from an outing to find a strange vehicle pulling out of her driveway. Her front door...