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Start the year with a review of your coverage needs

We all agree that we need health insurance, homeowners insurance or renters insurance and car insurance. However, when was the last time your reviewed your insurance needs to make sure there weren’t any gaps?

Here are some suggestions to make sure that you all the right coverage.

Life insurance

You need to make sure that between life insurance, savings and income, you have enough insurance so your family will continue to live at the same level after you are gone. But changing circumstances may leave a gap in your life insurance coverage.

For example, if you have life insurance through your employer, changing jobs could affect your insurance coverage. Maybe your coverage decreased or the type of insurance changes.

Review your income, savings, and expenses annually and compare them to your insurance coverage. Changing circumstances may require additional insurance. Let us help you determine if you have enough coverage to meet your family’s future income needs.

Disability: A percentage of salary

According to the American Council of Life Insurers, only 32% of workers were covered by disability income insurance in 2013. Even if you are part of that percentage and have a policy through your employer, it might not be as comprehensive as you think.

Most group disability plans will pay 60% of your income up to $10,000 per month. A lot of us would have a hard time living on 60% of our income, let alone if we are disabled and have additional medical expenses.

Take the time to review your disability coverage to consider supplementing it with an additional plan.

Homeowners insurance

Homeowners insurance can be tricky. You think you know what it covers but are you sure? Maybe it’s time to figure out what it doesn’t cover.

Don’t assume your insurer will pay the full cost of replacing your home if it’s destroyed by a covered occurrence. Many policies place a cap on replacement cost up to the face amount stated on the policy. Consider checking with a building contractor to get an idea of the replacement cost for your home, then compare it to your policy to be sure you have enough coverage. This is especially important if you recently renovated a room or two in your home. Give us a call so that we can help you update your coverage. We don’t want you to be caught with insufficient coverage.

Keep in mind that damage caused by floods, earthquakes, and hurricanes may be covered only by special addendums to your policy, or in some cases, separate insurance altogether. Also, your policy may not cover the extra cost of rebuilding your home to more stringent building codes. Don’t rely on your interpretation of the policy, let us help you understand what is and isn’t covered to determine if you need to make adjustments to your policy.

Auto insurance

Do you know which drivers and what vehicles are covered by your auto insurance? Most policies provide coverage for you and family members residing with you. So if your child is living in a college dorm he or she is probably covered. But, if he or she is living in an off-campus apartment, they might no longer be covered.

What if you and your spouse divorce, which policy insures your children who are living with each parent at different times during the year? Notify your insurer about any change in living arrangements to avoid a gap in coverage.

Policy terms and conditions may be difficult to understand, and you may not understand what’s covered until it’s time to file a claim. Remember, we’re here to help you understand your coverage.

I know this is a lot to think about but that’s why we’re here – to help you make sure you have complete coverage to give you peace of mind.