The new year is a time to set new goals, make new plans, and dream new dreams. It’s also a time to get yourself on the right track for the year ahead. Having the right insurance policies in place is an excellent way to make sure that, when life happens (and it will), you’re covered.
Homeowner’s Insurance Policy Review
A yearly review is best for your homeowner’s insurance policy but if it’s been a long time since you last thought about your insurance - like when you first bought your home and moved in - you’ll have a few things to think about:
How long have you owned your home? Assuming you’ve owned your home for more than a year or two, you’ll want to make sure your home is insured for the right amount if you ever need to rebuild. You may have insured it for $250,000 five years ago, but today, the cost to rebuild may be $300,000. One catastrophic event, and you’ll have to pay the difference out of pocket.
Have you added new features or remodeled? A new pool, a finished basement, and other renovations and add-ons can change your insurance needs. You don’t want to wait until there’s an accident to learn whether you have the right amount of insurance.
Do you have valuables such as art or jewelry? The ten-year anniversary diamond ring or the collector’s piece you bought at an auction - they may seem priceless for sentimental reasons, but they have a definite value. Get them insured so that you and your valuables will be protected.
Do you qualify for new discounts? Bundle your auto insurance and home insurance together and you may save some money. Tell your insurance agent about your security system or new smoke alarms and you could save there, too. One conversation with your agent may help you decrease your costs.
Business Insurance Policy Review
The big question for Charlotte business insurance policy holders is this: do you have enough coverage, and is it the right kind? An annual account review with your insurance agent can help keep you on track so your business is protected, without paying any more than necessary.
Check your worker’s compensation policy. Make sure your employees are classified correctly. An error like this can make a big difference in cost.
Look at current agreements and contracts. You may have had a bank requirement to carry a certain amount of liability insurance. Maybe an old government contract required higher limits. If those agreements are no longer in place, you may be able to decrease your coverage. Our insurance agents can help you recommend the right insurance limits for your business.
Consider how your business has grown or changed in the past year. A year ago all you needed was general liability and worker’s compensation. Today, you’ve added a few cars, an extra building, and more inventory. Your insurance needs have changed, too.
When you’re ready to review your current insurance policies or if you’ve got questions about the right type of insurance for you, contact us at Charlotte Insurance. We can answer your questions and make sure you’ve got the best coverage for your personal and business needs.