Spring cleaning? Time to review your insurance policies
We know it may not feel like it just yet. But spring is actually just around the corner!
As you look around your house and take note of the places that have gotten cluttered or dusty over the winter, take some time to review your finances. This includes thoroughly reflecting upon all of your insurance policies.
Make sure you’re getting the best deal
A lot can change in a year, and every time spring comes along you are inclined to reflect on your personal house and home. Your different insurance policies deserve some attention across all fronts. Find your policies for auto, travel, and property, and make some coverage changes if they are required. You should be making sure you're getting the proper coverage for the needs of you and your family.
Below, we’ll break down some of the things to look out for in major insurance categories.
Property
Did you make any renovations you forgot to inform your insurer about since last spring? Renovations big and small require disclosure to your insurer if they have added value to your home.
The reason for informing your insurer is simple: they need to know how much coverage you need in case you make a claim that requires a rebuild in the event of a complete loss. If they don’t know that you reno’d your entire kitchen with marble this and oak that, why would they replace it?
If you’ve bought any new, big ticket items that you want insured, talk to your insurer about adding specialty coverage to your policy.
Auto
Take a look at your auto policy and reassess your needs. Do you still need comprehensive coverage, collision, or just liability? If you’re a good driver, you may be able to get by with the basic auto coverages on the market.
If you’re driving a car that is worth less than $1000, perhaps it’s an older model, the optional coverages may not be worth paying any longer. You can save money on your premium by dropping collision coverage or comprehensive coverage. But talk to your broker first so you can make an informed decision.
Travel
Hopefully you’re in a place to think about your upcoming vacations this year! Have you assessed the travel insurance coverage you will need?
Have you invited a new member into the family, or seen some of your adult children move out? Do you need new medical coverage? These are all things that can lead you to adjust your travel insurance policies.
Work now, chill later
If you’re thinking of any upcoming renovations, this would be a good time to find out what your property insurance covers during the interim, too. Get the administrative work out of the way and enjoy smooth sailing this season.
This is also a good time to check around your property to see if winter weather has damaged anything with its biting, damp claws. Look at fallen trees, where they’ve landed, patio structures, roofs, eavestroughs, basements and whatever else you can think of.
Let's just call it now, Happy Spring!