While we always recommend staying both up to date and in the know when it comes to your property and casualty coverage, we also understand that analyzing policy details is not the first thing on everyone’s mind throughout the year. January, however, is the perfect time of year to really delve into the nitty gritty of your insurance coverage. Especially if it has been awhile since you have considered your policy’s limits, set some time aside this month to talk with your agent and make any necessary changes for the new year.

Scheduling Your Christmas Gifts

Christmas is a time for giving and a time for receiving. If anyone in your household is newly in possession of an expensive item of jewelry, work of art, or any other expensive items, talk to your agent about adding them to your homeowners policy. For example, while a standard homeowners policy covers jewelry, the limits may not be high enough for all of your pieces. The policy may also not protect you in the case that a piece of jewelry is lost, damaged, or stolen. Scheduling your most precious possessions will ensure that you are protected against most threats that may come their way.

Fine-Tuning Your Auto Policy

If you have treated your auto policy with a set it and forget it attitude since its conception, spend some time this month considering how your needs may have changed. Check the value of each vehicle and compare that to your policy limits. Have you paid off any vehicles since opening your policy? Your needs for comprehensive or collision coverage may change along with that. Have you sold or changed vehicles? If you have a large family with multiple cars, it is possible that some of these changes may have slipped through the cracks. Make sure your family and their property is protected through added endorsements that will fit most any lifestyle. 

Update Your Personal Property Coverage

We tend to acquire quite a few new toys and gadgets with each passing year, and as your home fills with more and more valuable possessions, it is good to take inventory of those items and make sure your policy limits meet your family’s needs. Losses due to fire, theft, or other tragedies come out of nowhere and take a huge toll on emotional and financial wellbeing. The easiest way to avoid the question of how much your combined personal property is worth is to take inventory of everything of value. One quick way to accomplish this would be to video record a walk through of your home, including every room and every closet. You may also make a note for your records containing serial numbers of all of your electronics.

If you are unsure about whether you are up to date on your insurance policies, the best first step for getting your policy where you need it is to call your BMI agent! Click the button below to find an agent near you.