Thursday, January 5, 2017

Reviewing Your Coverage for the New Year

With a new year upon us, now is a great time to review your insurance coverage to ensure you're adequately covered in 2017! Throughout the year, many changes can occur that affect your insurance that you may not have even realized. In today's blog, your Lake of the Ozarks insurance agent discusses reviewing your coverage for the upcoming year. Below are a 7 reasons you would likely need to update your coverage:

1. You Got Married.  

Many insurance companies offer lower rates for married couples than they do for single people. You both likely had individual policies before tying the knot and now you'll want to combine them. Having you and your new spouse on the same auto policy can save you money on your premiums through joint-policies and multi-car discounts.  You'll also want to take a look at your homeowners policy and life insurance policies to make sure you have enough coverage for the both of you and your combined possessions.

2. You Had a Baby.

Upon increasing the size of your family, it's important you review your insurance coverage, particularly your life insurance, to ensure it is adequate.  If you're planning for your life insurance to match your beneficiary's expenses, a new child will add to those expenses. You want to make sure that if anything were to happen to you or your spouse, you child would be financially taken care of.

3. You Bought a Home. 

While you were likely required to purchase a homeowners policy when you bought the home, you may not have realized that you could qualify for discounts. If you have your home and auto insurance with the same company, you might be able to receive a multi-policy discount. In addition, it's important to review your life insurance policy to ensure adequate coverage for your new mortgage and other expenses of your new circumstances. Talk to your insurance agent at the Lake of the Ozarks to find the best value for your personal situation. 

4. You Remodeled Your Home. 

If you've made any major home improvements over the past year, it's important that you update your insurance policy to cover the extra value added. Don't overlook outside structures you added as well, such as a gazebo, new shed or pool/hot tub. In addition, if you purchase new furniture, appliances, electronics, etc. to go along with the renovations, you may want to increase the amount of personal possessions coverage you have. Be sure to update your home inventory with these items as well.

5. You Got a Divorce.

While marriage can change your insurance rates for the better, divorce can have the opposite affect. If you were getting a multi-car discount or any other discount for married couples, you're going to probably see a change in your rates when you go back down to an individual policy. However, when it comes to your homeowners insurance, it may go down as you could have less personal possessions after a divorce. Talk to your agent about these changes and how they'll affect your Lake of the Ozarks insurance policy.

6. You Changed Jobs.

Many employers offer insurance policies of some sort to their employees. When you choose to change jobs, that insurance coverage goes away. Make sure you're aware of what your old employer was providing you as far as insurance goes and what policies you have on your own. You may need to increase your personal coverage to fill in any gaps. On the other hand, your new employer could provide better coverage and therefore, you may be able to drop some of the coverage you had in a personal policy. Talk to your insurance provider to ensure there are no gaps that need filled or that you're not paying for more coverage than you actually need.

7. You Purchased or were Gifted Valuables.  

Did you receive an expensive ring or other piece of jewelry over the holidays? While your homeowners insurance policy offers coverage for a variety of personal possessions, anything of value should be discussed with your agent. Your coverage for possessions does have a limit and your valuables could be over that limit. In this case, it's important to purchase additional coverage; in the event something would happen to that valuable, you would be able to replace it easily.

As your local independent insurance agent in Osage Beach, I'm here to help with all your insurance questions. From auto insurance to life insurance and everything in between, Insure the Lake will help you find the best value for all your insurance needs. If you've undergone any of these changes over the past year, give me a call to discuss your coverage and your options. Start the new year off right ensuring you have the proper insurance coverage!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 

About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral