Having too little or too much insurance can cost you money. A regular insurance checkup can help ensure you have the amount and type of coverage you need.
Just as you should schedule an annual checkup with your primary care physician, you should schedule an annual checkup with your insurance agent. Any number of life events can affect your need for insurance coverage. If you don’t change your insurance program in response, you could be underinsured or overinsured…either of which can cost you money!
Some of the events that could affect your personal property and liability insurance needs include:
Buying a new vehicle or boat
The right insurance coverage can protect any valuable motorized vehicle from damage or theft. And don’t forget about liability. You might not need insurance to legally operate a snowmobile or other motorized off-road vehicle, but you will have additional liability exposures. The right kind and amount of insurance can protect your family if someone outside your immediate family gets injured or suffers property damage due to your use of a motorized off-road vehicle or motorboat.
Making home improvements
If you’ve invested in any improvements that could increase the value of your home, you might need additional insurance. Other types of improvements, such as updating the wiring, heating or air conditioning or installing an alarm system, could qualify you
for a discount.
Operating a home-based business
With certain narrow exceptions, your homeowners policy does not cover business property. It also does not cover business-related liability, so if a client visited your home and tripped on the stairs, your homeowners policy would probably not cover the cost of any injuries.
Changing your family status
Marriage, divorce, the birth or adoption of a child, and the moving away of an adult child can create changes to your health insurance needs. They can also change your property and liability coverage needs. For example, when a college graduate finally moves out of the house, you probably won’t need to keep her on your auto policy. Or if marriage adds another car to your garage, you might qualify for a multi-car discount on your auto policy.
Buying high-value jewelry, antiques, art or collectibles
Your homeowners policy has separate, lower limits for these types of frequently stolen and difficult to replace items. A policy rider, or low-cost addition to your homeowners policy, can provide adequate protection for some valuables.
We can review your current coverage and how it fits your current needs.
Please contact INSPRO for more information.