June 28th is National Insurance Awareness Day, and it’s a great idea to use this day as a time each year when you evaluate your current insurance coverage to see if you have what you need.
Okay, so National Insurance Awareness Day isn’t as fun as some holidays, such as National Milkshake Day or Leave the Office Early Day (Yes, those are actual days). But, if you’re like me, it sometimes helps to have a day set aside to remind me to accomplish certain tasks. This one is a great reminder that every year, I should look over my insurance coverage to ensure I have what I need.
First, homeowners insurance is very important.
Sometimes insurance doesn’t keep up with the cost of inflation, and it’s good to review the policy. I always like to make sure my policy includes replacement cost, so if my house were ever destroyed due to a fire or some other catastrophic event, I could re-build it without having a financial burden. It’s also a good time to ask myself if I need any additional coverage for items such as collectibles, jewelry, or other valuables that might not be covered under my current policy. Traditional homeowners’ insurance policies also do not cover flood damage, so it’s a good time to find out more about an additional flood insurance policy if needed. Don’t own a home? Invest in an affordable renter’s insurance policy to cover your belongings.
Next, I look at my auto insurance policy.
Are all the vehicles listed accurate, and does my insurer list safety features that may qualify me for a discount? Is there any area where I need to increase my limits?
Then, I review my current policy premiums and determine whether I’m within budget. If I have some savings and want to reduce my premium, I could raise my deductibles. Lowering deductibles will increase my payment, but I don’t have to worry about having as much money on hand in the event of a claim. These can be changed at any time depending on your financial situation. Also, it’s a good time to ask whether you qualify for a discount for having more than one policy. Still need to save a few bucks? Sign up for a safe driving course, which can drop points from your record and decrease your premiums.
National Insurance Awareness Day is a great time to remind yourself to get organized with your insurance policies. Sit down, make sure everything is accurate, and contact us if you have any questions. Then you can rest knowing everything is order until next year’s review.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.
