Start the year with a review of your insurance coverage needs
We all agree that we need health insurance, homeowners insurance or renters insurance and car insurance. However, when was the last time your reviewed your insurance needs to make sure there weren’t any gaps?
Here are some suggestions to make sure that you all the right coverage.
Life insurance
You need to make sure that between life insurance, savings and income, you have enough insurance so 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, changing jobs 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. Changing circumstances may require additional insurance. Let us help you determine if you have enough coverage to meet your family’s future income needs.
Disability: A percentage of salary
According to the American Council of Life Insurers, only 32% of workers were covered by disability income insurance in 2013. Even if you are part of that percentage and 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.
Take the time to review your disability coverage to consider supplementing it with an additional plan.
Homeowners insurance
Homeowners insurance can be tricky. You think you know what it covers but are you sure? Maybe it’s time to figure out what it doesn’t cover.
Don’t assume your insurer will pay the full cost of replacing your home if it’s destroyed by a covered occurrence. Many policies place a cap on replacement cost up to the face amount stated on the policy. Consider checking with a building contractor to get an idea of the replacement cost for your home, then compare it to your policy to be sure you have enough coverage. This is especially important if you recently renovated a room or two in your home. Give us a call so that we can help you update your coverage. We don’t want you to be caught with insufficient coverage.
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.
Auto insurance
Do you know which drivers and what vehicles are covered by your auto insurance? Most policies provide coverage for you and family members residing with you. So if your child is living in a college dorm he or she is probably covered. But, if he or she is living in an off-campus apartment, they might no longer be 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.
Policy terms and conditions may be difficult to understand, and you may not understand what’s covered until it’s time to file a claim. Remember, we’re here to help you understand your 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.
Featured Blogs
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here’s what you can do.
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- Medicaid Unwinding: Your Questions Answered
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Set Yourself Up for Success with Your Fitness Routine
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- Why Do I Keep Breaking My New Year’s Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- 6 Cold Weather Safety Tips
- 10 Tips for Managing Cholesterol Levels
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Building Bone Density for Seniors
- Living Outside Your Comfort Zone in Retirement
- 3 Top Habits that Lead to a Happy Life After Retirement
- Should You Insure Your Gifts?
- Everything You Need to Know When Retiring Under 65
- 7 Benefits of Slow Travel
- Utilizing Medicare Preventative Services
- The Harsh Reality of Credit Card Fees
- Keeping Your Health Insurance Affordable
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know
- 4 of the Best Ways to Stay Healthy this Summer
- How to Prevent Sun Damage to Your Eyes
- 3 Tips for Safer Grilling
- When the Sun is NOT Your Friend (What You Need to Know about Sun Exposure)
- Tips to Avoid Stress Eating
- Common Exercise Pains – How to Work Past Them and When to Call for Help
- Signs Your Identity Has Been Stolen (and what to do about it)
- How Does Inflation Affect Life Insurance?
- Know the Benefits of Walking
- Do Brain Food Supplements Really Work?
- Ways You Can Spend Less on Gas
- What Are Alternatives if LTC isn’t Right for You?
- 4 Tips for a Less Stressful Summer
- Veteran and Medicare Benefits Work Together
- What are the Safest States From Natural Disasters?
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- 7 Myths About Your Back Pain
- 5 Foods that Will Help Keep Your Mind Healthy
- Don’t Throw Away Those Used Coffee Grounds
- I’m 50 Years Old. Should I Keep My Life Insurance?
- How to Spot Government Imposters
- 5 Mistakes to Avoid When Buying a Life Insurance Policy
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Do I Need a Long-Term Care Plan?
- Senior Diet: To Meat or Not to Meat
- How to Take Care of Your Personal Intangible Assets
- Dream All-Inclusive Trips to Escape the Cold
- Five Health “Hacks” For Happy Holidays
- Do You Know What These Key Insurance Terms Mean?
- HIPAA: Why is it important to me?
- Life Insurance Facts to Consider
- Will Plan F be Discontinued In year 2020? The Answer is Yes and No
- Commonly Asked Questions About Life Insurance
- February is American Heart Month: We want you to take it to heart
- Start the year with a review of your insurance coverage needs
- Apps to help you manage your time and productivity
- Making the most of an annual insurance review
- Have a happy holiday season
- Time for Review Your End of the Year Financial To-Do List
- Five mobile apps to help you manage your holiday spending and beyond
- Open Enrollment For Health Insurance is Here!
- Four things to know about Medicare Open Enrollment
- It’s Time to Take a Walk!
- September is Life Insurance Awareness Month
- Protect Yourself From Health Insurance Fraud and Scams
- How Do Drug Formularies and Drug Tiers Work?