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Check These 3 Insurance Policies Now

April 11, 2023

Spring is a great time to review your household’s insurance policies. After purchasing the insurance, we often forget about it until we need it! Spend a morning making a list of each policy, then be sure you can log in to check that the personal information is correct for each. Then, bookmark each policy’s page on your web browser so you can find it again!

Here are some common insurance policies to check:

1. Life insurance

Everyone who pays a mortgage or has dependents should have some life insurance. Life insurance can help cover mortgages, college tuition, funeral expenses, and even income in the event of premature death. The most common insurance is called ‘term,’ which provides coverage over a specific time before expiring. Other types of insurance may make sense, depending on your household’s specific financial standing. As a rule of thumb, it’s best to reassess your life insurance coverage annually. Why not now?

2. Homeowners’ Insurance

An annual check-in on your homeowners’ insurance is always a great idea. Nearby home sales, a renovation, new fixtures, and a whole lot more can impact the value of your residence. If it’s not documented, it could lead to a gap in coverage if something happens to your house or belongings. Each year, update a detailed catalog of all of your possessions. Make sure to include expensive items, such as musical instruments, jewelry, electronics, art, and antiques. Use a home inventory app to help you streamline this process and keep the information in one safe spot!

3. Car Insurance

You’re legally obligated to have it, but that doesn’t mean it needs to break the bank! There are a few ways to save some money on car insurance. First, see what discounts you qualify for if you bundle. If you and your spouse have different car insurance companies, see what value you may get if one company coves you both. Call your home insurance provider first! See what raising your deductible does for your premiums. More out of pocket usually lowers your rates. Also, try paying semiannually rather than monthly. Lastly, update your annual mileage estimate! Car insurance premiums are based, in part, on the number of miles you drive. In general, the fewer miles you drive your car per year, the lower your insurance rate is likely to be, so always ask about a company’s mileage thresholds!

The best time to review your insurance coverage is before you need it! It’s usually just a matter of allocating the time. After digging up the garden, try digging through your insurance coverage. Reach out to your insurance agent today for a policy review.

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by Advisor Group to provide information on a topic that may be of interest.  The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2023 My CMO.