Ahh, the New Year. A fresh start. As we all look toward the possibilities of the coming year, now is the best time to practice our due diligence by way of conducting an annual insurance review. Wait! Don't close this window yet - the following checklist will cover the review and make this important task clear and simple. It's way easier than going to the gym everyday, or whatever New Years resolutions you may have! So lets tick these boxes and start the new year off with a win!
1. Do a home maintenance audit. Whether you rent or own your home, take 30-60 minutes to do a walkthrough inspection. Check the pipes and faucets for leaks, the condition of your roof for damage, your heating and cooling systems to ensure the filters are fresh, and peek at your electrical system to make sure all the outlets are working
and your appliances aren't overloading the circuits. Don't let small problems become large ones.
2. Speaking of appliances, your insurance agent would love to know if you've added some improvements to your home. Video doorbells and intercoms, as well as security cameras, smoke detectors, and dead bolt locks can all reduce your insurance premium. Conversely, certain home additions may increase your insurance premium, but
it's crucial that you inform your agent if you've installed a swimming pool or built an addition onto your home. Don't get a claim denied because you invalidated your insurance policy by trying to sneak that pool by your insurer!
3. Update your home inventory list. Did you get some fancy gifts for the holidays or treat yourself to a little something? Lucky you! Save the receipts in a fireproof safe, or online at sites like Google Drive. Inform your agent of the valuable new jewelry, bikes, computers, toys, etc., and then...
4. Review policy limits on possessions. If you recently got an engagement ring, or received some jewelry as a present, you may need to increase the coverage amount. This also applies to any major appliances that you may have upgraded. On the other hand, if you parted ways with something valuable, let your agent know - there is no point in paying for coverage that you no longer need!
5. Save a bundle by bundling! Get a new motorcycle, RV, or car? Try to keep them insured with the same insurer. Many carriers offer discounts of up to 20% to clients that keep their home and vehicles insured with the same company.
6. Finally, review your policy. The annual review shouldn't be skipped. If you've never looked over policy documents, you may feel like you don't know where to start, but don't fret. Start with the Declaration Page! The "Dec Page" is part of every policy and lays your coverages out plain and simple.
That's it! All told, this could be done in about an hour. It's time well spent, because you'll cover your financial bases by protecting your most valuable assets, and go into the new year with the peace of mind that comes from having a clear understanding of a major component of your financial health.
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