Let’s start 2020 right, with a review of your insurance needs. I know that I always bring this up around this year, but that’s because I believe it’s so important to take a half-hour or so for a quick call to review your insurance needs.
Here are some suggestions to make sure that you all the right coverage.
Stuff Happens – That’s Why You Have Life insurance
You need to make sure that between life insurance and savings that your family will continue to live at the same level after you are gone. But changing circumstances may leave a gap in your life insurance coverage.
For example, if you have life insurance through your employer make sure that you have sufficient coverage. Changing your job could affect your insurance coverage. Maybe your coverage decreased or the type of insurance changes.
Review your income, savings, and expenses annually and compare them to your insurance coverage. Let us help you determine if you have enough coverage to meet your family’s future income needs.
Disability: A percentage of salary
Do you work for yourself (as many of us do) and never considered this type of insurance? Even if you have a policy through your employer, it might not be as comprehensive as you think.
Most group disability plans will pay 60% of your income up to $10,000 per month. A lot of us would have a hard time living on 60% of our income, let alone if we are disabled and have additional medical expenses.
Review your disability coverage to determine if you need an additional plan.
Homeowners insurance can be tricky. Do you think you know what it covers but are you sure? Maybe it’s time to figure out what it doesn’t cover.
Keep in mind that damage caused by floods, earthquakes, and hurricanes may be covered only by special addendums to your policy, or in some cases, separate insurance altogether. Also, your policy may not cover the extra cost of rebuilding your home to more stringent building codes. Don’t rely on your interpretation of the policy, let us help you understand what is and isn’t covered to determine if you need to make adjustments to your policy.
Give us a call so that we can help you update your coverage. We don’t want you to be caught with insufficient coverage.
Do you know which drivers and what vehicles are covered by your auto insurance? Most policies provide coverage for you and family members living with you. So, if your child is away at a college dorm he or she is probably covered. But, if he or she is living in an off-campus apartment, it’s possible they are no longer covered.
What if you and your spouse divorce, which policy insures your children who are living with each parent at different times during the year? Notify your insurer about any change in living arrangements to avoid a gap in coverage.
I know this is a lot to think about but that’s why we’re here – to help you make sure you have complete coverage to give you peace of mind.