New Year Brings New Items, it’s a Great Time for an Insurance Check Up
Happy New Year! We are all eager to leave 2020 behind, and start 2021 with anticipation of health, success, and happiness. The New Year brings new beginnings, and quite possibly new items that were brought into your home. Maybe you received a piece of jewelry as a present, or acquired an expensive gift? It is important to reevaluate your belongings in your home and make sure your precious items are protected.
You may not know that homeowners, condo, or renters’ policies have limited coverage for valuable items. That’s why scheduled property, supplemental insurance, is important as it extends coverage beyond the standard protection. This will ensure full coverage of expensive items in the event of a claim.
Scheduled personal property, here are some items that you may want to consider
- Jewelry, watches, and furs
- Expensive cameras
- Arts and antiques
- Stamps and coin collections
- Musical instruments
To add scheduled items onto your policy you will need an appraisal or bill of sale within 1 year. Please contact one of our insurance agents, or as we like to call them, protection advocates, to discuss the right coverage for your individual needs.
What if I already scheduled items on my policy a while ago?
- It’s a good idea to make sure that you still have all items listed on your policy
- Be sure to add any newly acquired items
- If you have an old outdated appraisal then have your items reappraised
- Take updated photos of your valued items
Not only the holidays, but other life events can also change your insurance needs such as, getting married, moving into a new home, having a baby, purchasing a new car, inheriting family heirlooms, or other updates and changes. Now is the perfect time for an insurance check-up. Here are some important factors that you should reach out to your insurance agent to discuss.
- Update your home inventory
- Have you recently remodeled or added on to your home
- Installed a new home security system or other safety features
- Did you get a dog or no longer have one
- Installed a swimming pool or removed one
- Maybe you started renting out your house or a room
- Are you now running a home-based-business out of your home
- Have you refinanced and changed your mortgage company, or paid off your home
- You got a new car or no longer own one
- Recently purchased a classic or antique car
- Is there a significant change in the number of miles you drive annually
- You moved and need to update your garaging
- Have you added a driver to your household or maybe removed a driver
- Has your liability exposure increased from driving in a car pool, or driving for a passenger service
- Maybe you paid off an older car and would not want to repair it if it was damaged so you want to drop collision coverage
Some other benefits of reviewing your insurance each year
- Take advantage of discounts by bundling Home and Auto insurance
- Ensure you are receiving all the available discounts
- We can check to make sure you have the best coverage at the best rate
- Review your deductible
- Assess potential need for Umbrella liability coverage
It is good practice to review your insurance each year to be sure that it best fits your current situation. We want to help ensure that you, and your family, have peace of mind knowing your belongings are properly insured. At Encharter, our staff of professional protection advocates are ready to help with your unique needs.