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4 Reasons to Update Your Insurance Coverage
The Bottom Line
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Set aside a few minutes to go over your insurance policies and see whether anything has changed in the last year.
- Do you have new teen drivers in your house?
- Did you complete a renovation, like adding a room or repairing your roof?
- Did you get a new pet?
- Have you started a business that you run from home?
- Have you made any big-ticket purchases, like nice jewelry or high-end electronics?
Big changes like these can require more coverage, change your pricing, or leave gaps in your insurance. Let’s look at some of the most common changes people tend to overlook.
4 Reasons to Update Your Insurance Coverage
1) Home Improvement
If you added a room, upgraded your kitchen, or finished a basement, the cost to rebuild your home may have increased. Make sure your dwelling limit has been updated so your policy reflects what your home is worth today.
2) Personal Belongings
You’ve probably bought new furniture, electronics, tools, sports equipment, or other valuables over the last few years. Creating and reviewing an inventory of your belongings can help you see whether your personal property limit still makes sense. It’ll also help you flag any items that may need special coverage.
Helpful Hint: Complete a video walk-through of your home to document all of your valuable possessions and back it up somewhere safe. A home inventory can come in handy if you need to make a claim.
3) Vehicles
A new vehicle can obviously affect your auto insurance. But so can a different commute or adding a teen driver to your plan. Make sure your policy still fits your situation and provides the coverage you need.
4) Upcoming Changes
Looking ahead is a great way to avoid insurance-related surprises. A planned renovation, a new pet, a teen who’s almost old enough to drive, and a move in the next few months are worth considering before they happen.
The Bottom Line
Your insurance policies work best when they keep up with your life. A quick review each year can catch changes before they become claim problems and cause unnecessary stress. We highly suggest putting some time on your calendar so you don’t forget.
If your insurance needs have changed and you’re in the market for a new policy, check out Spero Insurance Services.
Coverage needs and available options vary by carrier, state, and individual situation. Insurance products are not insured or guaranteed by the NCUA or any Federal Government Agency. They are not deposits and are not guaranteed by Spero Financial or any Spero affiliate, and they can lose value. If Spero Financial requires insurance as a condition for a loan, you are not required to buy that insurance from Spero Insurance Services, LLC. You are free to choose any insurance company or agent you prefer, and your choice will not affect your loan approval. Insurance products through Spero Insurance Services, LLC, are not available in every state. If you live in a state where we are not licensed, your coverage may be provided through our national partner, Banc Insurance Agency (California license #7274061).
