Insurance coverage is a very unique commodity. It’s one of the only things you buy that you hope never to use. But that coverage can affect your monthly budget when you’re paying too much so it’s important to do an annual evaluation of your insurance. Here are a few things to consider that could save you time and money on your next insurance review.
Let’s say a hose attached to your washer bursts while you’re at the mall. The damage isn’t too extensive, but it will be expensive to replace carpets, flooring, drywall, and some electrical. Where do you start? The right homeowner’s policy could help you cover most of those costs. That is, if you have the right coverage. In addition, the stuff inside your house is valuable too, so a policy that replaces items can be a real advantage.
This insurance is not for the person who dies, but for those left behind. When it comes to life insurance, a family’s primary wage earner should carry a policy valued at 10 times his or her annual salary. For example, if you are the primary income earner and you bring in $50,000/year, your life insurance policy should be set at half a million dollars. This will ensure your loved ones have the money they need to live and cope for the years ahead.
We’ve all seen the ads about saving big on auto insurance. But are those companies also trimming your coverage to make up the difference? When comparing policies always look closely at three areas: collision, comprehensive and liability.
- Collision: this coverage should be equal to that of the value of your vehicle. If your car is old or of little value, you can drop collision altogether. Just be sure you can afford to buy a new car should it be totaled or stolen. If you cannot afford to replace the vehicle with cash, you might consider keeping collision up to the value of your vehicle.
- Comprehensive: this covers damage to your car due to fire, theft, vandalism and other causes. Make sure your comprehensive covers the value of your vehicle.
- Liability: if you cause an accident liability protects your financial future. Good coverage will pay the medical expenses for you and everyone else hurt in an accident that you cause.
Umbrella Liability Insurance
Today’s medical costs are continually skyrocketing. With an umbrella liability policy, you can protect your family’s finances in just about any scenario, whether you’re in an auto accident, someone hurts themselves on your property, or your dog bites a stranger. Best of all, these policies are usually inexpensive.
If you already have disability coverage through your employer, you’re one of the lucky ones. However, it’s always good to do a review to ensure you have enough disability insurance. Important areas to note in your policy include the waiting period on your policy (the amount of time you have to wait before receiving any benefits), your total monthly compensation, and how long you will receive the benefits. If waiting months or ever years would be too long for your family should you be disabled for any reason, then adding a second policy could be beneficial.
Your next insurance review is just a click away. We’ve partnered with TruStage Insurance to offer you the best rates and coverage on auto, home, life, and more. Click here to learn more and start your review. Need help? Give us a call at 503.397.2376.