Sometimes people feel like if they don't talk about something then it'll just go away. This can happen often in the insurance industry because if you tell your insurance agent of a change you may think they are either going to cancel you or increase your insurance costs. The reality of it is wouldn't you rather find out your coverages and discuss any areas of concern prior to having a claim? Depending on what the situation is it can be easily solved, and sometimes at no additional charge. We have listed some items below that you may want to consider discussing with your agent:
Any recent improvements to your home
Some companies offer discounts if you have had recent improvements to your roof, plumbing, heating, wiring, or having an alarm installed. At Putnam-Record Agency we would be happy to review your current situation
Newly constructed additions
Many policies have requirements that you must insure within a certain percentage of replacement cost in order to receive replacement cost settlement at the time of a claim. If you have had any recent additions, your home should be reviewed and possibly increased to ensure that you are within the requirements.
Fine arts, jewelry, or any other collection of value at your home
Over the years you may have received something of value as a gift or inheritance. If this has occurred, it is time to sit down and review the limitations on your policy.
Business at your residence
Depending on the type of business, some companies are fine with an insured having a business on premises. The best practice is to notify your insurance agent and have the discussion.
Lawn tractors are no longer a couple of thousand dollars, but rather can be upwards of $35,000. Depending on your homeowners policy, you may have a limit of only $5,000 with limitations as to what is and is not covered. A simple discussion can answer this.
Undisclosed drivers: When to add them on
In the past most policies would cover someone driving your vehicle as long as they were given permission to do so. Recently many companies have amended their contracts on new and renewing business to deny coverage in the event of a claim if the driver was not listed on the policy. Instead of waiting until the claim occurs to find out that there may be no coverage on your brand new vehicle, it is worth discussing with your agent the situation and possible financial impact.
What is full coverage on an auto policy?
Oftentimes people may purchase a new vehicle or now have a vehicle that has a loan on it. The loan company requires comprehensive & collision coverage. Other things to consider is if your policy is providing full glass coverage, rental reimbursement, and towing coverage. Contact the Putnam-Record Agency to request a policy review.
While the above mentioned are just some issues in the insurance industry, it does highlight that open dialogue with your insurance agent is key! If you haven't done so in awhile or do not feel like contacting your existing agent, contact Putnam-Record Agency and we would be happy to do a policy review. Also, if there is a topic that you may want to read about, please contact us.