Spring is a time to refresh and reorganize. Spring cleaning usually involves getting your yard ready for warmer weather, doing a deep-clean of your entire home, and decluttering your closet. While you’re at it, why not take the time to “spring clean” your insurance policies?
A lot has happened since this time last year and it’s important to make sure you’re still covered. Below is a list of things to look out for as you hit the reset button this season.
Complete a policy review
Reviewing your current insurance coverage is the best way to see if you could be saving money, or what adjustments need to be made based on your most recent life changes. Whether it’s your business insurance, personal insurance, or both– we recommend taking a look at your policies and marking any areas that potentially need to be updated. Taking the time to review and update your insurance is the best way to prevent financial stress and in turn, provide you and your family with peace of mind.
Re-examine your deductibles
What worked for you a year ago may not work for you now, which is why we recommend re-examining your deductible. This is a great way to potentially lower premium costs. Lowering your deductible will cost more in monthly premiums but may be more financially manageable. On the reverse side, if you’re looking to lower your monthly expenses and improve your cash flow, then you might want to consider raising your deductible.
When you review your insurance policy, we recommend considering bundling your insurance if you’re not already doing so. Insurance bundling simply means buying your home insurance and auto or other coverage from the same company to save money on insurance costs and simplify bill paying.
Confirm all assets are covered
Recently engaged? Bought new golf clubs, camera equipment, or musical instruments? Due to some exclusions for certain property categories in homeowner’s policies, we recommend double checking your coverage to make sure all of your new special equipment and assets are sufficiently covered.
What about travel insurance?
Taking a vacation this summer? We recommend travel insurance if you’re taking an expensive, pre-paid vacation or an active vacation (biking, hiking, etc) in an exotic location. Travel insurance will help protect your financial investment and provide you with peace of mind if something were to happen.
Do you need umbrella insurance?
Umbrella insurance provides additional liability coverage since your primary insurance coverage (your homeowners and auto policies) only include liability coverage up to a certain limit. Umbrella policies protect your assets in the event where the limits of your liability coverage on your primary insurance would be exceeded. Since umbrella insurance typically only costs a few hundred dollars a year, it’s well worth it.
Call your agent
Our team understands that as your life constantly changes, so do your insurance needs. If you’re not sure where to start, contact our team at Gaudette and one of our local agents will be happy to assist you.