Content provided by SECURA Insurance
As we slowly approach the end of the year, it’s important to consider next year’s expenses and insurance needs. With the holiday season right around the corner, it’s recommended to take some time to consider an insurance review. It’s a quick and important investment in your financial security.
Ideally, you’ve kept your insurance agent up-to-date on any significant home improvements you’ve 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
- A new boat, camper, snowmobile, ATV, or other recreational vehicles
- 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
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.