From eating better to spending less, people use their new year’s resolutions to help improve their lives in many different ways. These unique and practical new year’s resolution ideas put the focus on improving your livelihood by protecting it.
Choosing the right Homeowners insurance deductible amount is a delicate balance. While you want to choose a total that you’re comfortable paying out of pocket in the event of a claim, the higher the deductible, the lower your premium. To save money in the long-term, use the new year as an opportunity to reevaluate your deductible. If your financial situation has improved, you might benefit from raising your deductible and lowering your premium.
Part of your Homeowners insurance is designed to cover your possessions—up to your policy limit—in the event of covered loss. But without a proper understanding of the value of your possessions, it’s hard to choose the right protections. And without an itemized home inventory, the claims process can become lengthy, complicated, and frustrating. But it doesn’t have to be! By creating a home inventory, you can better protect yourself from future problems.
While there are many apps available that can help you create a home inventory, the easiest and quickest way is to take a video of your belongings as they appear in your home. To get started, take a video of each room in the house, one at a time. With big ticket items like televisions and computers, zoom in on any important information, including model information, serial numbers, etc. Be sure to open any drawers or closets to get a better idea of the cumulative items in your home.
If you already have a home inventory and are still looking for new year’s resolution ideas, the beginning of the year is a great time for an update. Include any big ticket items you’ve bought or received over the year, including Christmas gifts, electronics, jewelry, etc. While it may be too time consuming to include the price of every item in your home, including the value of each updated item can come in handy in the event of a claim.
The new year is the perfect time to consider whether or not you would benefit from additional insurance coverage to protect yourself and your family.
Consider jewelry, for example. All Homeowners insurance policies vary; however, most policies only cover jewelry to a certain dollar amount—typically between $1,500 to $2,500. If you’ve bought or received an engagement ring or any new jewelry that exceeds your coverage, it might make sense to consider jewelry insurance. You can protect your jewelry by adding a specific extension to your coverage in the form of a rider or scheduled personal property.
If you’re considering additional coverage and protections, you might want to consider Umbrella insurance, which is designed to provide additional financial protection beyond your Homeowners and Auto insurance. Umbrella insurance is supplemental insurance that can protect you from financial liability in the event of a car accident, dog bite, swimming pool accident, or even a defamation lawsuit.
Need help figuring out your coverage options? At Grange Insurance Association, we partner with local independent insurance agents to help you get tailored solutions for your individual needs. Our agents work in California, Colorado, Idaho, Oregon, Washington, and Wyoming, and will be more than happy to meet with you to discuss your insurance options.
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