Every year when the clock strikes midnight and the new year begins, people vow to make changes. New year’s resolutions range from getting healthy, to spending more time with family, to saving money — all great goals to set! But you might be forgetting to include some other important intentions. Here at HIG, we want to make sure you start off 2018 right by being properly insured, which is why we’re offering a few insurance resolutions to accomplish this year.
Review & Adjust Your Policies
A lot can happen in a year, making now a great time to review your insurance policies with your local independent agent. The goal here is to make sure your policy is up to date with accurate information and that you understand your coverage in the event that you need to file a claim. For example, did you change your address or get a new car over the holidays? This information needs to be amended on your policy. Is your teen ready to get behind the wheel in 2018? Then it’s time to add a driver to your auto insurance policy and adjust your limits.
Update Home Inventory
An important part of making sure you have adequate coverage is knowing the value of your possessions. Having a home inventory is crucial in determining how much coverage you need, and is also useful if you ever need to file a claim. Be organized as you start your inventory, going room by room and floor by floor, and take pictures or video as you go. For every item you’ll want to note when you got it, where you got it from, and how much it cost. Include receipts if you have them. Don’t forget to include any items you may have received as gifts over the holidays or items which are not in your home, like anything you have in an outside storage facility. Most importantly keep these records outside of your home. In the event of a fire, having these documents in your home won’t help. Store your home inventory information at a relative’s home or in a security deposit box.
Do you need additional coverage? That’s where endorsements come in. An HIG agent can help tailor a homeowner’s policy to meet your specific and unique needs with the help of these added coverages. For example, if you own fine jewelry or valuable collectibles like sports memorabilia or fine art, you likely need more coverage than what comes with a standard homeowners insurance policy. Your independent agent will be able to help by adding a scheduled property endorsement to your policy to cover these valuable items. Umbrella insurance is another great extended coverage option, especially for homeowners who have increased liability risks, like those with pools at their homes. Here are some more optional coverages that may want to consider:
- Investment Property Insurance
- Home Systems Protection and Service Line Coverage
- Dwelling Fire Insurance
- Identity Fraud Expense Coverage
- Water Back-Up and Sump Overflow
- Earthquake Coverage
The new year is also a great time to see if you are taking advantage of the discounts available to you. Do you take public transportation to work or work from home? Does your teen driver get good grades? If so, you may be eligible for certain discounts to your insurance policies. And don’t forget about bundling — check to see if you could save on your insurance policies by bundling your home and auto coverage with the same carrier. Additional discounts available for home and auto include:
- Installing A Security System
- Using Smoke Detectors
- Using Deadbolt Locks
- Having A Good Credit Score
- New Customers
- Automatic Bill Pay/Pay In Full
- Energy-Saving Hybrids Or Electrics
- Advanced Driver Training
- Military Away
- A Student Away At School
- Good Student Discount
- Low Mileage Discount
- Group Discounts
Insurance is your safety net so it’s important to make sure it’s secure every year. Adding insurance to your new year resolutions is not only a wise decision, it can also help you save money too. Start the new year off right by giving HIG a call at (508) 676 5949 to review your current policies and make adjustments to ensure proper and full coverage for you and your family. We’re ready to help you find the best insurance policy for your needs.
HIG has been serving the insurance needs of Fall River MA, Somerset MA and throughout the South Coast of MA and RI for a combined history of over 100 years.