Insurance Checklist for the New Year

Make a resolution to review your insurance policies and coverage!

Has Covid changed your habits?

Many people significantly changed their lifestyle this year and these changes should be reviewed with your broker.

• For example, many people have had their driving habits go from what at first thought of as  on a “temporary basis” to a more permanent basis moving forward. Some no longer use their autos to commute at all.
• You may now have a permanent office at home and may now have clients coming to visit you at the house.
• Do you have business contents and equipment at home that may need to be properly insured?

An updated review with your broker can make certain that any new arrangements are properly updated and noted with their insurer to avoid any potential surprises down the line.

Homeowners/Rental Insurance

• Update Your Home Inventory
  Part of your renters or homeowners insurance is designed to cover your personal possessions if you face a covered loss — but only up to your policy limits. That’s why it’s important to maintain a current record of all your belongings. Did you receive some expensive gifts this year, such as jewelry or art? Or maybe you finally invested in that big-screen TV. Now is the perfect time to reassess all your belongings and update your home inventory so your coverage limits meet your needs. Most basic home insurance policies have standard limits for big-ticket items like electronics, art, jewelry or sporting equipment. You may need special coverage, so call your broker to discuss changes for your policy.
• Evaluate Your Homeowners Insurance
  Maybe your resolution last year was to renovate your kitchen, or perhaps you finally finished your basement. A finished basement may not only increase the cost to rebuild your home, but it may also require additional coverage to protect items from water damage. Hot tubs, swimming pools, trampolines — all fun additions to make, but additional liability also comes with the territory. All of these updates would affect how much your home is worth, so check in with your broker to see if you should increase your coverages.
• Consider Umbrella Insurance
  Think of umbrella insurance as an extra layer of protection for your home, auto and other primary liability coverages. An umbrella policy offers coverage for those unexpected instances where your primary coverage exceeds its limit. You might consider a personal liability umbrella policy if you:

• • Drive a car or participate in carpools
  • Have dogs
  • Travel
  • Own or use a boat, ATV, snowmobile or other recreational vehicle
  • Have a swimming pool or trampoline
  • Own a rental property
  • Coach youth sport teams

• Does your policy provide enough coverage for landscaping or outdoor appliances?
  Installing a new sprinkler system, a larger storage shed, a new pool or hot tub, or buying a substantial backyard grill or riding mower are outdoor changes that may require a homeowner’s policy upgrade. Updating landscaping and purchasing new lawn equipment or outbuildings can be significant investments that should prompt a coverage review.
• Do you qualify for discounts?
  An annual insurance review can also be an important opportunity to ensure you are receiving all possible discounts on your homeowners policy. For example, you may qualify for a discount if you have installed a security system, a smoke alarm or a hail-resistant roof. Additional discounts may apply if you insure both your car and home with the same insurer, if you don’t have any claims, or if no one in your household is a smoker.

Auto Insurance

Have you had any changes to your driving habits? If so, let us know to ensure your auto policy will cover you in case of an accident. Also take some time to check your auto insurance policy by following the guidelines below:

1. Are my auto insurance coverage limits enough?
   One of the biggest mistakes someone can make when it comes to car insurance is being underinsured. Liability is the part of the policy that pays for any injury or damage if you cause an accident. If your liability insurance is too low, it is possible that you could be sued for any damages above your liability limits.
2. Am I covered if a driver hits me and they don’t have car insurance?
   Look for uninsured motorist coverage on your policy or coverage summary. This type of coverage helps protect you financially in the event you’re in an accident caused by a driver who doesn’t have car insurance. It’ll even protect you if you’re the victim of a hit-and-run or if you’re hit as a pedestrian.
3. Review your deductibles for comprehensive and collision coverage.
   This is the amount you will pay if your car is damaged or totaled without fault of another driver. Raising or lowering this amount can affect your premium.

An annual insurance review is something that can go a long way to protecting what is likely your biggest investment. We can help make sure this is a New Year’s resolution you actually cross off your list.