This was a great column that was published in the Stillwater Gazette by Jeff Zignego this week! We think it's so great that we wanted to post on the blog as well. Do you have anything that you need to cross off of your New Year's Insurance Checklist?
It’s that time of year again when many of us look at our lives with renewed energy and fresh eyes. As you make resolutions to improve your overall well-being this year, take some time to include an insurance review. It’s a quick and important investment in your financial security.
Homeowners - Home Policy
Ideally, you’ve kept your insurance agent up-to-date on any significant home improvements you made in the last year, but take a moment to review anything you might have forgotten. Consider whether any life changes or home business practices could impact your insurance, too.
- Significant home improvements, such as a kitchen remodel, bathroom, or addition that could impact your home value
- The entire roof of your home was replaced
- New safety features such as a sprinkler or alarm system
- New swimming pool, wood burning unit, or a dog
- New boat, camper, snowmobile, ATV, or other recreational vehicle
- New jewelry that was acquired which may need to be scheduled on the policy
- Any business conducted from your residence
- Any tenants or short-term rental practices
Now is also a good time to update your home inventory with any notable purchase (jewelry, furniture, antiques, art, electronics, etc.) you made in the last year. If your household inventory has significantly increased in value, you may want to adjust the limits on your policy.
Drivers and Families - Auto Policy
Changes in your personal life or family structure can impact your home and car insurance needs. Review the following list and identify any changes that occurred in the past year:
- New driver in the house
- Child left the house/went to college
- New car
- New job that changes your regular driving habits
Ask your insurer if any cost savings are available if you sign up for auto-pay or pay in biannual instead of monthly installments. Review your deductible too. If you have a good emergency fund, you may feel comfortable increasing your deductible in exchange for lower rates on your insurance premiums.
When was the last time you updated your insurance policy? If your business has grown or evolved since then, you may be exposed to added risk.
- Employees – Has your workforce increased? Are you using more contractors?
- Sales – Have annual sales grown? If yes, consider whether your liability limits are high enough to cover your current exposure.
- Services – If you’ve expanded into new service lines, you may need to add new endorsements to your liability policy.
- Drivers - Check safety records and licensing for all the drivers in your business. Tell your agent if drivers are frequently using rented vehicles.
- Contracts – Have you engaged in any new contracts that could affect your liability? Review the “insurance and indemnity” sections with your insurance agent.
- Property – An increase in equipment could impact your commercial property policy.
A quick conversation with your insurance agent never hurts. Even if you haven’t experienced any significant changes in the last year, your agent can help determine if a new insurance option might better suit your needs.
If you are an Eagle Point Insurance customer, check out our website and click on Manage Your Policy to make updates on your policy.
Stillwater Gazette: This information was submitted by Jeff Zignego with information from Secura Insurance Companies.