03/21/2022
We have officially entered Spring! While this is a time when most people begin Spring cleaning their homes, it is also a good time to review insurance coverages. According to the Insurance Information Institute, clients may want to consider the following during a review of their polices:
1. Is a home covered for its full rebuilding cost? – If there have been major improvements over the last year, like adding a new room, roof, enclosing a porch etc. Property values have changed quite a bit in the last year and now is a great time to ensure a property is not underinsured.
2. Is there enough coverage for expensive items? – Consider if there have been any recent big purchases, like jewelry, artwork and furs that need to be scheduled on the policy. Also, find out if items already listed have gone up or down in value since the last time the policy was reviewed.
3. Is there enough liability insurance to fully protect assets? - As medical and legal fees rise, it may be time to review if there is enough coverage to protect all the customers assets, if there is an accident. Also, if assets have increased over the last year, there is more to lose. Higher limits or an umbrella policy may appropriate to obtain.
4. Is there a home or vehicle being rented out? – With the increased popularity of sites like Airbnb and Turo, a standard policy may not cover losses while using these sharing services and a more specialized insurance policy will be required.
5. Is there an upcoming wedding? – Find out if there is protection needed for the upcoming big day. Wedding insurance may cover issues with a venue or supplier, injuries at the wedding or if a guest causes property damage at the venue.
