Spring Clean Your Insurance
Spring is a great time to review of your insurance coverages. As your life changes so do your insurance needs and your insurance policies should be evaluated annually.
Take the time to read them over and ask yourself the following key questions –
Do I have enough liability insurance to fully protect my assets?
You may want to have additional protection such as an umbrella liability policy. An umbrella policy kicks in when you reach the limit on the underlying liability coverage policy. If your assets have increased of late, you’ll have more to lose and may want to consider this extra layer of protection.
Do I have enough coverage for expensive items?
Items can go up or down in value. 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 and it may not be enough to fully replace your items in the event of a loss.
Is my home covered for its full rebuilding cost?
Review your Home Owners policy to make sure that you have enough insurance to rebuild your home. If you have made major improvements to your home, 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 would be a great time to check whether your home is in a flood risk zone.