Keep insurance coverage up to date

Have you recently:

  • Moved? If you're renting, make sure your new place is covered by letting your insurance company know when and where you're moving.
  • Remodeled? Be sure to adjust your home insurance if you've remodeled your home. Doing this before the work begins is the best idea, but make sure your coverage is adjusted when those renovations are complete.
  • Changed jobs? The distance of your daily commute can make a difference in your auto insurance premiums.
  • Added a driver? Update your auto insurance if you've added a driver. You may be able to take advantage of discounts including multi-car and good-student discounts.

Help protect you and your family against financial loss by regularly adjusting your insurance coverage.

Some people buy their insurance policy and never look at it again. Even if the policy has a built-in inflation guard, chances are it hasn't kept up with the real costs of rebuilding or any remodeling projects that increase the value of the home.

According to a survey by Marshall & Swift/Boeckh—a Princeton, NJ, company which reviews over three million insurance policies annually—two out of every three homes nationwide are underinsured. And not just by a little bit. The latest survey notes the typical homeowner is underinsured by 27%

Annual adjustments could save you money

Review your insurance policy at least once a year. This will help you identify gaps in coverage that put you at risk for financial loss, and you also may find you can save money on premiums.

The next time you evaluate your insurance coverage, keep these tips in mind:

  • Find out how your insurance company handles replacement costs. The best policy will include Guaranteed Replacement Cost coverage that does not have a maximum limit.
  • Be sure your policy automatically adjusts for inflation. If it does not, you will need to contact your insurance company annually to adjust the coverage limit.
  • Don't forget about personal property coverage. Consider purchasing additional coverage for high-value items such as jewelry, art, and antiques.
  • Make sure your policy matches your home's replacement value. If you've recently remodeled or added on, be sure your policy is adjusted for these improvements.

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