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While you’re home…here are a few insurance steps to check off your list

My wife had an interesting observation this week.  She said, “most of the time life is hectic with lots going on and all I want is for things to slow down.  Well, I got what I asked for.  Our calendar is wide open for the foreseeable future.”  Here are a few things you can do with your newfound downtime to improve your family’s protection:

 Take a video of everything in your home.  Go through all the rooms, open all the drawers and cupboards, go in the basement, and around the outside of the house.  Make sure you capture everything.  For more expensive items such as jewelry, musical instruments, sports equipment and electronics, be sure to capture the brand, make and model in the video.  Save the video to the cloud, put it on a USB drive and give it to a loved one, or put it in your safety deposit box.  

 If anything ever does happen to your home, you can send the video to your insurance company and they will use it to help determine how much money you should receive.  This will should save you a substantial amount of time when filing a claim.

 In addition, if you’ve made any of the below changes to your home you should reach out to your insurance agent:

 The following may qualify for a discount and lower your insurance costs:

  • A new home with grade 4, hail resistant shingles.
  • Roof replacement in the past 5-10 years using grade 4, hail resistant shingles.  
    1. Make a copy of the document stating they are grade 4 and send it to your insurance agent to see if you qualify for a discount.
  • Installed a water monitoring system.  
  • Installed or upgraded your smoke alarms, fire alarms, or security system.
  • Replaced your furnace.
  • If you have upgraded plumbing, heating or electrical.

 Your coverage may need to be updated if you:

  • Did a home renovation.
  • Installed solar panels.
  • Purchased an item worth more than $1,500.
  • Inherited money:  as your assets increase, so should your insurance coverage.  That way if an accident does result in a lawsuit your nest egg has stronger protection.

 I’m home too, and, as always, happy to answer your insurance questions (against the backdrop of kids running through the house).

 Please send me an email if you'd like to chat!  brad@welchfp.com

 

Advisory services offered through WealthPLAN Partners. Securities offered through Securities America, Inc., Member FINRA/SIPC. WealthPLAN Partners, Welch Financial Planning, LLC and Securities America are separate entities. Branch address:  1790 38th Street Suite 205, Boulder, CO 80301