One
recent insurance survey suggests that over 30 million U.S. households own
insurance policies that are seriously out-of-date. To check your coverage, you should ask yourself the following
questions. If the answer to one or more of these questions is
yes, then you should contact your insurance agent as soon as possible so your
insurance policies can be appropriately updated.
The following list is a good starting-point for an insurance self-examination:
●
Has your house undergone major renovations or
improvements? If so, your home may be underinsured.
●
Have you changed your job? Most insurers use occupation
as part of their rating process.
●
Has your marital status changed? If you have married,
for example, you may now qualify for a multi-car discount on your auto
insurance.
●
Have you purchased new valuables or collectibles? If
so, you may be seriously underinsured for these items. Specialty policies or
endorsements can properly cover them.
●
Are you now participating in a carpool? If so, your
exposure to injuring passengers has grown and your liability limits may need to
be increased.
●
Are you now retired? If so, your auto insurance premium
will likely drop since your annual mileage should decrease.
●
Have you added a burglar alarm with central station
reporting for your home? If so, you could qualify for a homeowner’s premium
discount.
Get more personal lines insurance and risk management tips and ideas from IRMI.
Copyright 2008, International
Risk Management Institute, Inc.
Note from the Author (Nov. 14, 2014): After two years of work, we've entirely redesigned our website! Using SquareSpace, we were able to import this blog and we are continuing our blog there. To find the current version of this article and our new articles, click HERE.
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