Insurance things you must do RIGHT NOW!

The top 5 things you need to do RIGHT NOW with your insurance.

Insurance is confusing. Nobody likes to deal with it but here are five things you should do right now.

1) Check the value that your home is insured for. Construction costs have skyrocketed over the last year in both materials and labor. Is your home insured for enough?

2) Have you reviewed your beneficiaries on your life insurance policy? Are these up to date? Do you have a life insurance policy and does your family know where the information is at? If you don't have a life insurance policy, you should get it now- rates are slated to increase significantly mid-year.

3) Have you done an inventory of your home? Take pictures of every room, of your closet, of your drawers. If you have a fire- do you know how many pairs of underwear and socks you had? How about how many pairs of jeans and how many spoons/forks/knives, etc. Store these photos in the cloud or someplace off location.

4) Review your current policies and make sure your Mortgage clause or Loss Payee information is up to date. If you have paid off a loan, have you told your agent? If you have an accident- the check is getting made out to the bank first. It used to be banks let agents know when something was paid off but it is now the insured's responsibility to notify the agent. Any time a change is made or you refinance your home, you need to notify the agent.

5) Review the auto coverage on your vehicles and your liability limits. Is $100,000 in property damage enough for your family with the cost of new vehicles? If you are responsible for a multi-car accident and two $60,000 cars are totaled at your hands- will your $100,000 in coverage be enough? Have you considered an umbrella policy to go above and beyond your current liability limits? Now might be the time to consider this.

If you know nothing else about insurance, these are five simple things you can do to protect yourself. I would also check with your agent and make sure they have the most recent phone number and email on file for you so they can reach you if a derecho were to happen and the cell service is down. Let's hope that doesn't happen again. If you have questions, we'd love to meet with you and review your coverages.


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