Your Insurance Awareness Checklist

Believe or not, June 28 has been designated as National Insurance Awareness Day. It’s a date set aside to comb through your coverage and make sure you’re not over- or underinsured. You don’t want to encounter an emergency and discover that changing circumstances have left you without adequate insurance.  We’ve put together a quick checklist to help you properly celebrate National Insurance Day with a thorough coverage review.

 

Life Insurance

  • If you have bought a new home recently, make sure your life insurance policy will cover the amount and duration of your mortgage.
  • Update your beneficiaries if your circumstances have changed due to marriages, divorces, births, or deaths.
  • Make sure your policy covers current living expenses and tuition for any dependent children.

 

Homeowner’s Insurance

  • Check your policy to see if it reflects current construction costs in your area. 
  • Update personal records to include all valuables kept in your home.
  • Make sure your insurance covers any new jewelry, artwork, or other expensive items you have recently acquired. You may have to “schedule” them on your policy.
  • Notify Hibbs if you have made any significant repairs or additions to your home—especially if you have updated your roof.

 

Auto Insurance

  • Make sure your liability limits will cover costs in case of an accident. If you’ve merely renewed your policy without updating it for several years, those limits may no longer offer adequate coverage.
  • Revise your policy if you now have teenaged drivers in your home. We usually recommend a $1 million umbrella policy for households with teens—if it’s in your budget, of course. The added insurance will protect your assets in case your child becomes involved in a terrible accident that results in litigation.
  • Check on your collision and comprehensive coverage limits. Are they high enough? If you don’t have this kind of insurance, do some research to determine if you should buy it.

 

We’re happy to help you check off each item today. Call us at 270-554-2105 to take a closer look at your coverage.