Insurance Spring Cleaning - Tip #3 Document your personal property, especially valuables

 

You can be best protected if you have access to a comprehensive view of your tangible assets, including fine art, jewelry, wine and other valuables.  Take an inventory of your high-value items and move forward to best protect yourself against potential losses. Moving eligible items to a valuables coverage policy can reduce costs and strengthen protection, but you first need to inform your agent what needs to be protected. By documenting your high-value items, clients and insurers can have a more productive dialogue about coverage.

 

 

 

 

 

 

 

 

 

 

  

 

Insurance Spring Cleaning - Tip #2 Make sure you aren’t overpaying to be underinsured

A recent survey by ACE Private Risk Services found that wealthy families often over-pay for insurance coverage, a trend that has worsened since 2010. 

Families can manage, or even reduce, their premiums by being proactive. Take control of your coverage by taking the following steps:

·         Increase you homeowners’ deductibles

·         Install preventative measures such as burglar alarms and water leak detection systems to earn safety credits

·         Bundle policies with one carrier

·         Move artwork and other collectibles from home contents to valuables coverage

Insurance Spring Cleaning - Tip #1 Understanding your Insurance needs

As you de-clutter and file your paperwork, also take time to review your insurance policies to ensure that you have adequate coverage and that your beneficiary information is up-to-date. This is an opportune time to revisit home, auto, valuables, umbrella liability and other aspects of your personal insurance programs.

Consult with your agency, as agents and brokers can help you determine what is appropriate coverage depending on your age, assets and lifestyle. 

Insurance Spring Cleaning Tips - Series

With warmer temperatures, chirping birds and longer days, spring is in the air, and often, the season comes with housecleaning and yard work to start fresh after a long winter.

While many are spring-cleaning their homes, it is also a good time to do some financial spring-cleaning. This is an opportunity to revisit an often neglected aspect of financial planning—home, auto and other insurance policies.

Failing to review policies annually can allow your coverage to grow increasingly out of sync you’re your assets and lifestyle. As a result, you are likely overpaying for coverage that will still leave you exposed to severe financial loss, especially due to natural disasters. 

Follow along with us this week as we provide thoughtful tips to help you Spring Clean your insurance.