National Insurance Awareness tips from American Legend

According to the American Property Casualty Insurance Association, “National Insurance Awareness Day is recognized on June 28 each year as an important reminder for individuals, families, and businesses to review their insurance policies, which can help prevent being underinsured. Having the right amount and the right types of insurance coverage helps individuals, families, and businesses financially recover quicker if their property is damaged or destroyed…” 

Insurance is one of the things we buy and then often forget about. But it’s important to look at our coverage annually to make sure we aren’t underinsured and that we don’t have redundant coverage.  We all want to make sure we are safeguarding our most important assets while still not overpaying for that sense of security.

If you don’t want to miss any important tasks related to reviewing your insurance, take a quick read over these helpful tips from American Legend Homes: 

1. Commit to taking time with your insurance agent once a year to go over your coverage. This is the perfect time to discuss any changes you’ve had around the house or in your life. Have you made any improvements to your home? Has it increased in value? Have the items in your home, such as electronics and jewelry, increased in value?

2. Make an inventory of your home’s valuables. Store receipts for expensive items digitally so they aren’t destroyed in a fire or flood. 

3. Ask if your policy pays replacement cost or actual cash value. Cash value depreciates while replacement typically covers the amount it takes to replace an item.

4. And remember, National Insurance Awareness Day isn’t just about increasing awareness on homeowners’ policies. We should also take time to review life insurance coverage, especially if your family has grown; auto insurance policies; and small business coverage if you are a small business owner. 

We never like to think that something may go wrong in our homes or lives. The reality is, however, that we need to be prepared for anything. The right policies and the correct coverage protect your home, possessions and the people you love. And if you are prepared, you’ll worry less about all of them!