The Definition of a Resolution is a Firm Decision to Do or Not to Do Something. During this time of the year, many people make New Year’s resolutions on how they can become more efficient in the New Year! For example losing weight, eating healthier, exercising more, paying off your debt or possibly starting your own business. It is very seldom insurance is added as a priority on their list. But the present time is the best time to examine the insurance policies you have, whether you have too much or too little coverage in your policies, and how you can save money on the overall cost of your insurance.
5 Reasons for an Insurance Review
- Changes in your family’s drivers or vehicles. Adding a new teen driver or removing an adult child from your automobile insurance getting a new car or getting rid of an old car, purchasing a motorcycle, boat or recreational vehicle can all have an impact on your insurance policies.
- Changes to your family can affect your life insurance needs. If you’ve had a baby or adopted a child, you may want to add or increase your life insurance. If your children are now independent, or your home is paid for, it may make sense to reduce your coverage.
- Welcoming a new dog to the family, especially if it’s considered a “high-risk breed,” may require an update to your homeowners policy or the addition of an umbrella policy, as injuries caused by your new furry friend may not be covered by your current policy.
- Renovations or additions to your home. An addition or extensive renovations to your home may require updates to your homeowners insurance. The same is true if you’ve added expensive items to your home, like TVs, computers, appliances or artwork.
- Property additions. If you’ve added features considered to be an “attractive nuisance” by the insurance industry, like a swimming pool or hot tub, trampoline, tree house or water feature, it’s important to talk to your insurance agent. Not doing so could invalidate your homeowners coverage and leave you exposed to tremendous risk.
Beyond the reasons above, it makes sense to walk through your policies with your agent every year or so to account for things like appreciation and depreciation of property, changes in insurance laws, gaps in coverage and other modifications that might make sense based on your current circumstances. You can also talk about ways to reduce costs, such as bundling and other discounts.
1. Schedule a Review
If you’re like most people, you simply renew your insurance annually and never give it a second thought. But a lot can change in a year. Have you had a baby, installed a new pool, made a major purchase or adopted a dog? Any of these things—and many more—can impact your coverage. to schedule a meeting to discuss your policy. We promise to make it quick and painless, and you’ll leave knowing you have the right protection in place.
2. Take a Home Inventory
This one might take a little longer, but with today’s technology, it’s easier than ever and can save you a lot of time and trouble in the future. A home inventory basically catalogs all the belongings in your home so that if they are damaged or lost due to theft, fire or other covered disasters, you can more easily include them on your insurance claim and recover compensation.
A. Document & Organize
Create Categories such as furniture, appliances, electronics, fine arts, jewelry assigned to a certain rooms,(bedroom, kitchen, office)
It would be very helpful for more expensive items to have a purchase date, price, make and model and quantity.
B. Take photographs and videos
Taking pictures during your walk-through lets each item tell its own story (and/or paint a thousand words). You could even take video, allowing for both visual documentation and audio-recorded descriptions. For electronics and large appliances, consider taking pictures of serial numbers or other printed information.
C. Store your Hard Drive & Inventory Off Site
Be sure to save your inventory files, including your main document, photos and/or videos, in a way that makes them accessible “off site.” Back them up using cloud storage, or on a disk or hard drive stored in a secure place away from home.
Call Cacciatore Insurance at 312-264-6055 for an insurance review of your Personal or Business Insurance Policies!