Your Insurance Checkup

BYStaff
Just as an annual physical may improve your health, scheduling time for an insurance policy checkup may increase your financial well-being. Here’s how to make sure you are getting the biggest bang for your insurance buck.
 
Home Upgrade
Before remodeling, see if you need to increase your insurance coverage to cover the upgrades in case of damage during construction. Also, improvements that reduce the risk of damage to your home, such as a new roof or upgrades to your electrical or plumbing system, may reduce your premium.
 
Home Inventory
Create a home inventory — a list describing everything you own, including where you bought each item; how much it cost; and the make, model, and serial number for major items. If you have photos, videos, or receipts for these items, attach them or save them on a flash drive, and store your inventory in a safe place, like a safe deposit box. 
 
Home Value
Do you have sufficient coverage to rebuild your home at the current cost of construction if it were destroyed? To estimate, ask a real estate agent for the construction cost per square foot for homes in your community, then multiply that number by your home’s square footage.
 
Liability
Make sure the liability coverage on your homeowner’s or renter’s policy is adequate, especially if you’ve added a swimming pool or a trampoline to your yard. Also, consider a personal umbrella policy for additional liability coverage.
 
New Valuables
You may need to add optional coverage to insure new valuables, such as expensive jewelry or artwork, as your policy could have a limit on the amount it will cover.
 
Coverage by Multiple Companies
If you have auto insurance from one company and life insurance, homeowner’s, or renter’s insurance from another, consider buying multiple policies from the same company for a multi-policy discount.
 
Auto Coverage
If you have an aging vehicle, check its value and decide whether the premium you’re paying for collision coverage makes sense based on what you would receive if it were totaled. Also, if you have changed jobs, retired, or intend to go on more long-distance road trips, you may need to change your policy to reflect your revised mileage.
 
Students in College
Inform your agent if your child will be taking off to college with a car covered by your policy, as the cost of the premium may change. Also, find out if they’ll need a renter’s policy, or if they can still be included in your homeowner’s policy.
 
New Drivers
If you are a AAA Insurance policyholder with a driver age 18 or younger in your household, enrolling him or her in the teenSMART home study program may result in up to 20 percent savings on most auto coverage. You also may qualify for a Good Student discount if your child has less than nine years of driving experience, is a full or part-time unmarried student, and has a certain grade point average.
Learn More
Make sure you have sufficient insurance coverage by calling a AAA Insurance agent at 1-800-782-3941 or visiting AAA.com/insurance.
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