Resolve to Check on Your Insurance this Year
While most people resolve to lose weight or get more exercise in the New Year, the Insurance Council of Texas urges Texans to make a new year’s resolution that can protect your property and could save you both time and money.
Start your new year by checking your homeowners and auto coverages to make sure you’ve got the right amount and type of coverage in place. And, conduct a home inventory so that you have a record of your valuables and other personal property in the event of a loss.
“Very few people ever conduct a home inventory that would document all of their personal property,” said Mark Hanna, a spokesperson for the Insurance Council of Texas. “The reason that it is important is because insurance adjusters need that information to help determine your losses if you have a claim. It makes it much easier for you to be able to document what personal property was lost. Otherwise, it’s almost impossible to describe all of the personal property that you lost in a fire or violent storm.”
Using the camera on your cell phone and taking photos or video of your personal belongings is the easiest way to conduct a home inventory. Download this information to a site away from home so that it is accessible and available. Hopefully, you will never need it, but it will greatly expedite any catastrophic claim and save you weeks, if not months, of frustration trying to document what you lost.
After you document your possessions, check your homeowner’s insurance coverage to make sure it’s still adequate for your home in the event of a catastrophic loss. With rising home values in some areas, make sure your coverage is sufficient in the event you need to rebuild after a storm or fire. The price of labor and materials to build or rebuild homes goes up nearly every year and that’s why your homeowner’s insurance coverage should reflect what it would take to rebuild your home in the event of a catastrophe. Many insurance companies offer this increased coverage with corrected premiums.
“It never hurts to check in with your insurance agent to see that you have an adequate amount of coverage in the event your home is destroyed,” said Hanna. “Your agent can give you that information with just one phone call.”
Finally, check your auto coverage to verify if you need liability only or also comprehensive and collision coverages. Many insurers offer various discounts and you should check for those too.
By checking on your insurance you may not lose any weight, but it should help you sleep better at night knowing you’re now better prepared for whatever Texas weather or unexpected events might come your way.