Don’t Set and Forget Your Insurance

Posted by Steve Dryer on Apr 25, 2017 21:00:00 PM

Topic: ALL

Don't set and forget your insurance

Protecting your home, auto(s), and your valued possessions with property and casualty insurance is one of the most important components of any financial plan. Yet too many people obtain the necessary coverage and then choose to forget about their policies, simply paying their premiums year after year. What’s even more troubling is that for such an important part of a financial plan many insurance agents do not proactively reach out to review coverages and ensure premiums are fairly priced. Take more control of your financial well-being by reviewing our insurance tips and requesting a regular review of your coverages and premiums with your agent.

  1. Review what your plan covers, or more importantly, what it doesn’t.
    Reading an insurance policy is not really “edge of your seat” riveting material. However, a thorough review of your policy is always a good idea and an expected best practice. If your current agent isn’t contacting you to do this regularly, you should consider finding an agent who will take the time to provide this important service. A good agent should give you a clear explanation of what your policies cover and help you understand what is not covered. Some standard questions to ask when meeting with your agent include:

    • Is my deductible too high or too low based on the value of the property/auto(s) insured and what I can afford to pay out of pocket?

    • Does my homeowners insurance cover sewer back-up?

    • Does my plan cover the full replacement value of my home?

    A good agent should be willing to review these details with you at your convenience.

  2. Take advantage of all the discounts available to you.
    Today, there are a variety of discounts available for home and auto insurance. Be sure to ask your agent what discounts you currently have and what other discounts you may qualify for. One of the most meaningful discounts available is for “bundling” homeowners and auto coverages with the same insurance company. Your agent should be making you aware of these discounts and helping you obtain the best coverage at the best premium possible.

  3. Work with an independent, unbiased, and objective agent.
    An independent agent is able to shop the market and look for the appropriate coverage at the best premium based on your individual needs. When you do work with an independent agent, it’s important to ask them for details on the insurance carrier being recommended. Insurance companies are ranked based on financial strength and stability by qualified rating agencies. We recommend working with an insurance company that has at least an "A" rating.

  4. Keep pictures and/or video of all of your personal belongings.
    In today’s digital world, keeping a record of your personal property and valuables has never been easier. Take inventory of all of your belongings, especially those of high value. If you’re ever in an accident or have a claim, use your smart phone to take pictures of any damage, license plates or anything else that would be helpful when filing the claim.

Don’t set and forget your insurance coverages. Periodic reviews are key to ensuring your coverage is up to date and your premiums are competitive. When is the last time you reviewed your coverage and heard from your agent? If it’s been too long, contact Mutual Insurance Group for a free coverage and cost comparison analysis.

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Insurance Products are offered through Mutual Insurance Group, a wholly owned subsidiary of Bank Mutual.