In this series of Blogs I am sharing my own Personal Insurance Update and Review. So far I am still in the gathering stage. I am working on determining our actual Assets since this is one of the most important things for our family to protect. Now I need to find all the important papers.
Lucky for me my husband files everything and never tosses out any important documents. Of course, the 15 boxes of papers we keep stored is a different issue–but, sometimes I don’t mind! When reviewing our insurance I am actually very happy to have all the records to review.
My steps are to:
- Gather all of the current Insurance Policies together and review them for any errors. Something that should be done when the policies first come to us, but should be reviewed again when I need to make changes. Right off the bat I noticed that my husbands Auto Insurance policy still lists him as driving over 20 miles one way to work! Since we moved this has changed and his drive is now less then 4-miles one way and that should make a significant difference in the rates we have to pay for his auto coverage. I can’t believe that one slipped past me during our move!
- Gather all the Appraisals and Documents of value. For any of the heirlooms, collections, fine art, jewelry and computer equipment these need to be updated annually or at least when looking for a new insurance policy.
- Run the Annual Credit Reports. It’s just a good idea to check our credit reports at least once a year and especially when considering any kind of Insurance change. I would much rather deal with any problems or mistakes before getting neck-deep in a huge insurance change that stalls because something is wrong on our credit reports! Better to review before we make insurance changes and correct any problems on our credit report now.
- Do the Household Inventory, and make sure it’s all up to date. I will need to provide a new insurance company with pictures of some of our personal property and the Classic Cars. I might as well go through the trouble now, instead of on some deadline with a new insurance carrier. So, time to get out the Digital Camera and start making a list of what we actually have stuffed inside our home.
- Check Driving Records, most of the time I don’t forget when someone in my house has a driving citation or accident. But, it can happen. I would rather run our DMV reports ahead of the insurance company, just to be sure I didn’t forget about some fender-bender at the supermarket parking lot 2 years ago. I would also rather discover if my husband or son got a ticket–and failed to tell me about it–before I look like a fool and try to purchase Auto insurance we aren’t qualified to buy. Most of the DMV’s will give a driving record report for a dollar or two.
Now that I have all the important papers on my list–it’s going to take a day or so for me to put things together and prepare my Insurance Needs and Quotes request. I could go ahead a bug an agent on the phone, and make this hard for everyone–or I can create a very clear picture and provide agents with what they need to give me an accurate insurance quote meeting our insurance needs.
The next Blog in this Series will outline the Quote Information that I put together before I start bugging the Insurance Agents.
Blogs in This Series:
- Your Credit Score and How It Relates To Insurance
- Personal Property Inventory Documentation
- How to Get an Accurate Auto Insurance Quote
Glossary of Insurance Terms:
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