Fall is a perfect time of the year and a great opportunity to review your insurance policies to ensure that you are adequately protected.
What insurance policies do you have?
If you drive a car, you have automobile insurance. If you own a home, you (hopefully) have homeowner’s insurance. If you operate a business, you should have a policy that protects your business.
What about life insurance? Is your family protected in the event that something happens to you? If you were involved in an accident tomorrow, do you have disability insurance to cover you and your family’s lifestyle during recovery?
These are questions that I feel are important to ask at least once a year.
We spend most of our time trying to save money, especially with an economy that is struggling to improve. We trim an expense here, then another one there, and before long we’re not protected the way we should be. Or deserve to be.
Make Spring Your Insurance Review Season
Spring season is the perfect time to go over your insurance policies. Ask some of the following questions of each and every policy you carry:
For auto insurance:
What is my deductible? Can it be lower? Could I afford to cover it in the event of an accident? If not, consider lowering that deductible.
Am I protected against a cracked windshield, broken windows, or theft? How much would this cost to add? The average windshield costs almost $400 to replace.
Does my auto insurance cover other drivers? If other people drive your car, make sure they are covered by your policy.
For homeowner’s insurance:
Is my home protected against theft? If your home is robbed, you can lose precious belongings, some of which (such as heirlooms) can never be replaced. For those that can, make sure your homeowner’s insurance policy covers it.
Am I protected against flood and water damage? Very few insurance policies cover flood insurance, but you may be entitled to coverage for other types of water damage like sewer backup, What if you need to vacate your home while repairs are being done. Will your policy cover alternative accommodation? Will you receive any emergency funds?
If you operate a home-based business, did you realize your homeowner’s policy does not cover it? You’ll need to add business insurance to protect yourself fully.
For life insurance:
Will your family have enough money to cover expenses when you’re no longer here to provide for them? Funerals, medical expenses, and other costs can cripple your family. Make sure you have plenty to help them recover from the unthinkable.
Does your life insurance policy allow you to borrow against the policy once it matures? Unforeseen circumstances can arise at any time. Some life insurance policies will allow you to withdraw from them once they mature, while you’re still alive. These can be valuable assets for unexpected expenses.
The more questions you ask about your insurance policies, the more comfortable you should be with the coverages you have.
If you want to talk about your insurance policies contact us today.