Skip to main content

Spring Cleaning Your Insurance Policies

Although it’s still officially winter, you may want to consider adding spring cleaning your insurance policies to that list of spring chores.

Start by reviewing your homeowners policy to make sure you have enough insurance to rebuild your home. If you have made any major improvements to your home, such as adding a new room, updating a kitchen or bathroom, you risk being underinsured if you don’t adjust your homeowners coverage.

Do you have enough coverage for expensive items such as jewelry, furs, silverware and electronics? Standard homeowners insurance has dollar limits for the theft of certain types of expensive items. This means your insurer will only pay the amount specified in the policy, generally $1,000 to $2,000.

If you drive an older car that is worth less than $1,000 – or less than 10 times the insurance premium, the optional coverages may no longer be cost effective. Consider saving money by dropping either comprehensive or collision.

What about liability insurance? You may want to have additional protection, such as an umbrella liability policy to cover legal fees and judgments against you if you are sued. An umbrella policy kicks in when you reach the limit on the liability coverage in a homeowners, renters, condo or auto policy.

Here at E. R. Munro and Company, we can help you with the spring cleaning of your insurance policies. Just give us a call at 1-877-376-8676 or visit our Web site at www.ermunro.com.