Annual Insurance Review - Are You Covered?
Our lives change every year. We buy a new house or a new car. We have a baby or a child goes off to college. We get married, divorced or a spouse passes away. We get a raise at work or inherit money. We buy a boat or add to our private collections such as fine art, jewelry, or wine. Our business expands or changes in scope. Change happens all the time and while insurance may not be top of mind, it is important to review and update your policies at least once a year. A full review will help give you peace of mind that you are covered while life happens.
Below is a quick check list of things to consider in reviewing coverages.
· Changes in income
· Divorce or marriage
· Birth or death in the family
· Changes in health
· Property value has changed
· Home renovations – will your policy cover the renovated area or new addition?
· Personal collections – do you have fine art, jewelry, wine or designer clothing or shoe collection?
· Replacement value – is your coverage enough to cover all actual costs considering rising prices?
· Do you need to add flood insurance?
· Did you buy or sell a vehicle?
· Has your annual milage changed?
· Has there been a change in drivers in the house such as teenagers or has your child left for college? You should consider if they need to be listed as a primary driver or an occasional driver.
· Do you need additional coverage for worst case scenarios such as a personal injury claim?
· Did you buy or sell any buildings or business equipment?
· Do you need flood insurance?
· Is your coverage enough to cover your risk of personal injury claims or product liability?
· Has your use of office space changed in such a manner that increases risk, such as holding events or leasing space?
Did you buy or sell any business vehicles?
· Has the use or drivers of the vehicles changed?
· Is your coverage sufficient to cover losses from business interruptions?
Errors and or Omissions
· Has the nature or volume of professional services offered changed?
· Has your clientele expanded?
· Do you need additional coverage for worst case scenarios such as a personal injury claim or to cover any gaps?
Kinneman Insurance is here to answer any insurance-related questions and is happy to review your policies to make sure you are fully protected.