Page 39 - AAA Magazine – AAA Ohio Auto Club – November 2018

When Should I Review My Insurance Policies?
Change is constant. A lot can change in a year.
A new job — or the loss of one. A new baby — or your last child leaving the house. Your first home — or a bigger one. A spouse who is no longer working —
or who now has a job.
That’s why an annual review of your insurance coverage is important. Your insurance agent or advisor will sit down with you, at no cost, and help you go through your insurance coverage amounts.
What other times should you review your policies? • When your policy comes up for renewal
Don’t just automatically send a check to your insurance company. Take the time to review your coverage and call your agent with any questions or concerns that you may have regarding your homeowners insurance. Ask yourself the following questions:
• Has the company made any changes in coverage since last year?
• Does my policy now include a separate deductible for risks like wind or hail?
• Should I raise the deductible to save money?
• Am I taking advantage of all available discounts?
• Do I need to raise the amount of coverage for liability,
personal possessions or the structure?
• Should I comparison shop for a cheaper rate?
• Do I need flood, earthquake or an umbrella policy?
If you have built a gazebo, a new shed for your tools or installed a pool or hot tub, you need to speak to your agent.
• When you’ve made major purchases or improvements to your home
If you’ve made any major purchases, make sure you have the proper coverage. And don’t forget about gifts; if you have received a diamond engagement ring or
if a member of your family has bought you expensive artwork, talk to your agent about either increasing
the amount of insurance you have for your personal possessions or purchasing a floater or endorsement for these items. A floater will give you higher and broader coverage for these items than you have under your homeowners policy.
If you’ve made major improvements to your home, such as adding a new room, enclosing a porch or expanding
a kitchen or bathroom, you risk being underinsured if
you don’t report the increase in square footage to your insurance company. Don’t forget about new structures outside of your home. If you have built a gazebo, a new shed for your tools or installed a pool or hot tub, you need to speak to your agent. Keep receipts and records in case you need to forward copies to your company.
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