After the freezing winter season, it’s about time to spring clean your home and your insurance policies. As you will be sprucing up your house for this year’s spring ritual cleaning, clean also your insurance and do not forget to dust off your policies.
It’s important to spend enough time to check and put things in order for your health, car, life and home insurance plans. As people’s life conditions continue to change, so do your needs in insurance policies. Probably, there’s a need to find additional life insurance as your family grows. Or most likely, you have a newly hired family driver who can be included to your auto insurance policy.
Here are some helpful tips to ensure that your insurance remains organized and clean just like your home:
How to spring clean your insurance policies?
1. Health insurance policy – have a check-up for your policy.
It is common for a person to over-insure his health condition, whether the plan comes from the employee-sponsored plan or from individual policy.
People have the inclination to think about their health. Often, this health insurance policy is the one which turns to be very expensive.
When you pick a plan with low discount, you can be paying more. Low deductibles are helpful if you always need help for the medi care. Nevertheless, if you are physically fit and young, it’s smarter to get a plan with high deductibles like $2000. With that, you are covered when there are catastrophic diseases and there’s no need to pay higher premiums anymore.
If your medical condition is serious, you can get an insurance that covers some alternatives for health care, although it may cost you more. You may not like to have a plan which has restrictions to doctors and confined only in a single healthcare scheme. Or, a plan that still needs referrals to other specialists.
2. Car insurance policy – wash and wax your policy.
Examine if there’s a need, like tuning-up, of your car insurance. Make sure that both your comprehensive and collision coverage are suitable for your needs. Collision policy gives payments in fixing your car when it is damaged by a crash. On the other hand, a comprehensive coverage pays the damages which are not a result of car collision. Comprehensive policy takes care of incidents like fire, theft, storms, vandalism and others.
Getting collision and comprehensive policies are necessary when you have bought a new car that makes it expensive to repair and replace. But if the repair cost goes beyond the car’s value, it will be better off if you have no coverage at all. If your old car is totaled, then your insurance company is not going to pay more of its existing value.
If you examine your policy, always get all those discounts that you have been entitled to. If your policy covers a teenage driver, he may be qualified for the good student reduction. If your child goes to college university and doesn’t use your car for the school year, that will qualify you to get a discount on your premium.
3. Homeowner’s insurance policy – brush the cobweb off your policy.
Local contractors and agents can help in determining the replacement cost of your home. There are many websites online that are willing to help in estimating that cost.
It’s also a helpful suggestion to make an existing inventory of your home assets. Through this, you can provide the correct account if there’s anything that got lost during theft, natural catastrophe or fire. If your valuables are more than the limits in your home insurance policy (like jewelry, painting and collectibles), then you can request your agent to add a rider. One better way to reduce the cost in home policy is to combine your car insurance and home insurance under one insurance company.
4. Polish also your life insurance.
Updating your beneficiaries for your life insurance is important. For instance, if you and your partner have divorced, then from your policy there’s a need to exclude an ex-spouse.
And if you have a term life insurance (with sure yearly premium on the duration of policy), then be sure you know the term. Know exactly when the term ends for you to be able to shop for a new policy as needed.
It’s a good suggestion to ensure that the amount of life insurance in the policy is applicable and correct. Not all people see life insurance as a good way of leaving great gifts to charitable organizations or to their heirs. There are people who only want coverage for the expenses in burial.
To learn more about spring clean your home and your insurance policies, please contact us at DMG Insurance and Financial Services, Inc. (http://www.dmginsurance.com) at 543 N state Road 7, STE 106, Royal Palm Beach EL, 33411, phone 561 422 7071, Fax 561 422 7072.