Saturday, June 28, 2014

National Insurance Awareness Day

National Insurance Awareness June 28th Day 2014 June 28, 2013 is National Insurance Awareness Day. This is the perfect time to look over your current insurance portfolios, from personal insurance to commercial insurance. Often times we purchase insurance policies and never look at them again to see if coverages need to be updated. Here are a few tips for updating your insurance policies: Personal Auto Insurance Do you still have the same auto policy purchased after you bought your first house? This might have been an adequate policy at the time, but today it may not provide enough coverage. Review your auto liability limits. Are you still carrying the minimum liability required? If so, you may need to increase the limits so that you’re adequately protected. Are you driving a high-value vehicle? If so, what type of coverage does your policy provide and what is your rental reimbursement limit? These are the types of coverages you need to review and update. Homeowner’s Insurance When was the last time you looked at your homeowner’s policy? Have you purchased jewelry, furs, fine art, and oriental rugs? If so, did you add these to your insurance each time? These items are not covered by your homeowner’s policy. They are covered by an inland marine form that is either attached to your homeowner’s policy or written as a separate policy. Update your current coverage to ensure that all of these pieces are adequately covered. Personal Umbrella This policy provides a layer of coverage over and above your personal liability, auto liability, and boater’s liability. You may not have needed this coverage 10 years ago, but you certainly do today. A personal umbrella liability policy will protect you from out-of-pocket expenses when a covered liability exceeds the limits of your personal liability coverage. Commercial Insurance Policies The exposures for businesses continue to evolve as new risks present themselves. Contact your agent and discuss all business exposures to make sure that you have the coverages you need. For example, cyber liability is a risk that a lot of businesses have, but it’s commonly excluded under the general liability policy. Another example is media liability. Do you have a social media marketing campaign? If so, this is another coverage that is excluded under general liability policy. Discuss all of your business risks with your insurance agent to make sure that your business is protected. Life Insurance Policies When was the last time you looked at your life insurance policies? Have you updated your beneficiaries? Often time’s people will go through a divorce and forget to update the beneficiary. If you’re on a term policy, be aware of when the term ends. Make sure you give yourself enough time to shop for another policy. This may be a good time to look at a whole life policy instead. Determine whether the value of the policy is enough to cover the expenses that you anticipate it covering. Health Insurance There are a lot of sections within your health insurance plan that can be changed to fit your needs. For example, if you’re a healthy individual you may not need a low deductible. Review the various coverage options with your agent to make sure that you have a health insurance program that fits your needs. Posted by Sandra Morgan in News