Insurance is a boring topic. It’s not something that guys sit around and discuss while wrenching on a car. Women don’t develop an emotional connection to their insurance policy. No one posts pictures of their new insurance policy on Facebook or Tweets about how cool their insurance agent is. You can’t drive, ride, wear, taste or feel your insurance policy. Your insurance policies soon get filed away and forgotten about, and that monthly premium statement quickly becomes just another bill to pay. We know it’s true and that’s just the way insurance is: an unloved intangible. That is until something bad happens.
I had a call from a customer a few months ago that reminded me of the importance of making the time to do a frequent review of your insurance coverage. My customer was headed home and as he turned down his street he saw an ATV, that looked just like his, in the back of a pickup that was headed in the opposite direction. When he pulled into his driveway moments later he noticed the garage door was open and (surprise!) his ATV and riding gear were gone. His first statement to me was something like, “I have a very important question and I really, really, really need the answer to be yes”. The question, of course, was “Is my ATV covered under my homeowner insurance?”, to which the answer was, unfortunately, no. ATV’s, motorcycles, snowmobiles and most watercraft are not automatically covered under a homeowner insurance.
The lesson of this sad story is the importance of keeping your insurance agent aware of changes in your life that might affect your insurance. Everyone knows they need to notify their insurance agent when they buy a new vehicle, but not many customers think to call us for the following things:
- Built a pool,
- Acquired a family pet,
- Added a room or remodeled the house,
- Installed a burglar or fire alarm system,
- Bought an expensive piece of jewelry,
- Purchased artwork,
- Inherited real estate or other assets,
- Birth of a child,
- Bought an ATV, dirt bike, boat or camping trailer,
- Got married or divorced,
- Change in career,
- A child leaving for college.
Obviously, this is a short list and there are dozens of life events that could affect the way we structure your insurance coverage. Contrary to what you might think, this is not ta way for us to raise your insurance premium. For instance, your newly chosen career might save you money on auto insurance. Your youth driver that is away at college will likely qualify for a driver discount and that alarm system you installed might save you 20% on homeowner insurance. More importantly is that you allow us to educate and inform you regarding your insurance coverage. If we know what your exposures are then we can recommend that appropriate coverage.
Contact us today for a review of your insurance policies. It’s free and only takes about 30 minutes. We always look forward to speaking with you!