Spring is right around the corner. We all look forward to it after a long, cold, dark winter. It’s a time to open the windows, let in some fresh air, start working in the garden and yard again, go on hiking and biking trips, and spring clean!
Spring cleaning our homes is a hot topic each year, but what about spring cleaning for our insurance policies?
Have you looked at your policies recently? Talked to your agent to make changes needed?
These are all important to do.
Spring is a great time to sit down at your outside patio table with a favorite beverage, and a stack of your policies, and just start to read through them. It allows you to catch mistakes, and see what’s missing. Refresh yourself on what is covered in your policy and what is not.
There are so many little things that we may miss but they could become big headaches in the event we need to use the insurance we have during an emergency.
Some of the things you want to consider and look for in this process include:
- Note your coverage limits, deductibles, and any exclusions.
- Consider any major life changes that have occurred since you last reviewed your policies. Have you gotten married or divorced? Welcomed a new family member? Added a shed or pool to your yard? Purchased a home or vehicle? Changes like these can impact your insurance needs and coverage requirements.
- Ensure that your coverage limits are sufficient to protect your assets adequately. For example, if you’ve acquired valuable possessions or made home improvements, you may need to increase your coverage limits to account for these changes.
- Assess whether your deductibles are still appropriate for your financial situation. Opting for a higher deductible can lower your premiums but requires you to pay more out of pocket in the event of a claim. Conversely, a lower deductible means higher premiums but less financial strain at the time of a claim.
- Look for any gaps or overlaps in your coverage that need to be addressed. For instance, you might need umbrella insurance to provide additional liability coverage beyond what your primary policies offer.
- Consider bundling your insurance policies with a single provider to take advantage of multi-policy discounts. Bundling can also streamline the claims process and simplify your insurance management.
- Inquire with your insurance provider about available discounts. These may include bundling policies, maintaining a clean driving record, installing a security system in your home, or participating in wellness programs.
- If you have life insurance, review your coverage amount to ensure it aligns with your current financial obligations and long-term goals. Additionally, consider whether your beneficiaries need updating due to changes in your family or personal circumstances.
- Make sure your insurance provider has your current contact information on file. This ensures that you receive important communications and documentation regarding your policies.
If you’re uncertain about any aspect of your insurance policies or need personalized advice, don’t hesitate to reach out. Here at John Scott Insurance Agency, we are here to serve all our clients. We have policy holders located in Michigan, Indiana and Illinois and our agents are here to provide each of our policyholders with a “WOW” experience.
By dedicating some time to spring cleaning your insurance policies, you can ensure that you and your loved ones are adequately protected against unforeseen events. Remember, insurance is not a one-time purchase. It is an ongoing aspect of your financial plan that requires periodic review and adjustment. Give your insurance coverage the attention it deserves this spring.