As you get started in 2017, why not give yourself a New Years Insurance Resolution. Here's some ideas- you can do all of them or any just the one that appeals to you the most. These resolutions could save you a lot of money and heartache.
1. Read your Insurance PolicyYes we know, we started with the one you have been avoiding the most. Many people get their policy and store it away in a paper file or on their computer. Make it a point to pull it out and read it. Whether its home or auto, start with the Declaration page - that's the page that lists all your coverages. Check your limits to make sure you understand how much coverage you actually have. Check your deductibles so there are no surprises if you have to make a claim. If you feel coverage is too low, or deductibles too high, contact Cronin Insurance and we'll answer any questions you have about your policy. We also advise that you check to see if there are limits or exclusions on your policy. Some examples might be Jewelry, Animal liability or pool screens for home policies. Some of these might be endorsed to your current policy while others might need separate policies or may even have to be rewritten to a new carrier in order to find coverage. We are here for you, so never hesitate to contact us.
- For auto policies, make sure all cars and drivers are listed on the policy. Sometimes insured's will exclude a young person who is away at school and forget to add them back on when they come home again. Sometimes people will replace an older car with a new car and forget to add the comp and collision coverage they didn't need for the old one. Check to see if you have Rental Car and Towing coverage.
2. Make a Home Inventory
There's a number of ways to to this but here's one. Take a video of a number of photos of each room in your house. Then using the photos/video, make a list of every item in the room. Be as specific as you can. Don't write TV on your list. 50 inch Panasonic plasma flat screen with any serial number you can find and $1200 value would work better at claim time. Remember that every claim adjuster has to justify to their senior manager how much they paid for each claim. Make their job easier and you will have a better claim experience. Do this for every room in the house and then keep this inventory in the same file as your home policy. Scan your list and your policy and save to file along with your photos or video for a digital copy. There's also apps to help you make your home inventory. Here's a free one at knowyourstuff.org.
3. Insure your Jewelry
Did you know that most policies limit theft of jewelry to $1000? Make a list all your jewelry to keep with your home inventory. Again, be specific. Rather than listing lady's necklace, $2000, write lady's 14kt gold necklace with diamond pendant $2000. Take a photo and keep it on file. Even better, if available, include the most recent appraisal or a bill of sale with your jewelry inventory. After determining what the value of your jewelry is, separate the smaller items (<less than $1000 in value) and add them up. These would be items that would be covered under the $1000 your home policy gives you. The items that are over $1000, you will have to decide whether to write them ontheir own jewelry policy. A rule of thumb for the price of jewelry policies is approximately 2% of value. $10,000 of jewelry coverage should cost somewhere around $200 a year. This price is approximate and you could pay a little less or a little more depending on the piece and the company.
Make these resolutions and you will be ready in case of disaster in 2017. And as always, contact us at Cronin Insurance Agencywith any questions or concerns you have. We're here to help.