Spring has sprung, and while those of us who live in Tracy, California experienced a fairly mild winter, it doesn’t mean that we don’t have spring fever. While most thoughts turn to spring cleaning and tidying up the landscaping, take some time to freshen up your financial life as well. A quick review of your insurance policies may reveal some needed changes.
Home Inventory Updates
If you haven’t created a home inventory list of your valuables, there’s no time like the present. Start by taking photos of all electronics, collectibles and other valuables. Then, create a file on your computer listing each item’s cost and serial number. Scan the item’s receipt into the file as well, if you still have it. If you created an inventory list in the past, spring is the perfect time to update it. Look around and itemize all those electronics you got for Christmas to ensure they are properly documented. For expensive items, you may need to update your home owner’s policy to include additional converge. Once you’re done, save the file to a CD or a flash drive and store it somewhere safe.
Life Changes that Impact Insurance
Have you recently got married, divorced or had a baby? If so, update your life insurance policy to include them as beneficiaries. In the case of divorce, remove your ex-spouse from the policy and assign a new beneficiary. You s new standard of living.
Investigate Health Insurance Options
Health insurance options are changing more rapidly than any other insurance product. Even if you already have coverage, getting a quote may reveal ways to save substantial amounts of money. In many cases, you may even receive better coverage than your current policy.
Reassess Your Home’s Value
Remodels, room additions, even installing a new fence or shed, can all increase the value of your home. If any of these apply to you, take the time to add them to your home insurance policy. Adding improvements like these to a policy typically results in a minimal premium increase. However, they provide maximum peace of mind that if disaster hits, you will be prepared.