How is your lifestyle impacting your insurance?
Over the past two weeks we’ve brought you a couple different blog posts on the importance of reading over your insurance policies and understanding their limits. This week we want to go ahead and address your lifestyle as it pertains to your insurance needs.
Let’s start with your biggest asset: your home.
Is your home protected?
Aside from knowing your policy limits, it is important to stay up to date on any exclusions that may be built into your Home Insurance policy. For example, did you know that leaving your home unoccupied may actually be a violation of the policy, and if a claim were to arise from an incident occurring while the home was vacant it might not be covered? Or, did you know that your personal Home Insurance will not cover your renters or any damages they may cause should you choose to use the home as an income property?
Let’s take it a step further and discuss potential disasters that are not protected by a standard Homeowners policy: earthquake, flood and sewer backup. Each of these events can result in tens of thousands of dollars in damages.
New car, new insurance.
Chances are, when you buy a new car you are making an upgrade. If you have bought the vehicle outright, then how you insure is up to you; but if you finance, it is important (even required) that your vehicle have full coverage until the loan is paid off. Once that loan is paid off however, you are free to go ahead and downgrade your car insurance as you see fit.
Your broker can help you decide on these new terms, and whether or not it would be beneficial to include any other optional provisions.
Making a change? Contact your broker.
The moral here is that you need to be sure that your insurance policies fit your needs, and that your broker is aware of any changes in your life that might affect your policies.
Source – How well do you know your insurance policy?
Photo – © matsu05 – Fotolia.com
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