Have you reviewed your insurance policies?

In honor of procrastination awareness month, it may be time to take on the tasks you have been avoiding!

April is Procrastination Awareness Month, and procrastination is a habit that many of us are trying to break. According to Margie Warrell, (Why You Procrastinate, and How to Stop It. Now) we can implement the following strategies to avoid procrastination:

  • Write down your goal and give yourself a deadline
  • Break your goal into small pieces
  • Visualize the future you want
  • Harness fear
  • Build accountability
  • Reward progress
  • Act bravely daily. Starting today.

If you are like me, you may be a procrastinator when it comes to reviewing your insurance policies. However, according to Michigan State University Extension, it is important to review insurance policies to ensure you have enough coverage and you are getting the best premiums. Homeowners/renters, auto, and life insurance policies should be reviewed at least once every 12-18 months.

Homeowner’s insurance policies vary, so it is important to understand what is covered under your policy. Do you need replacement value coverage or additional riders to cover furs, jewelry or computers? You also should know if your policy will pay actual costs or depreciated value of household items such as televisions. The Insurance Information Institute offers 12 steps to ensure you get the best deal on your homeowner’s insurance.

Renter’s insurance is important for those who are not homeowners. Generally, landlords are not responsible for tenants’ loss of items due to theft or fire. If you want to have your belongings covered, you need renter’s insurance. In addition, renter’s insurance can cover other incidents like a tub or toilet overflowing. US News debunks the renter’s insurance myths and gives excellent reasons why tenants should purchase renter’s insurance.

Auto insurance is important for everyone who owns a car. In Michigan, No-Fault Insurance is the minimum required if you own and operate a vehicle. Generally, No-Fault insurance does not cover collision if you get into an accident, so you will need to decide if you want a collision rider. In addition, if you have a loan on your vehicle, your lender will most likely require you to have full-coverage auto insurance.

Although life insurance is purchased in whole or term policies, you should still review them periodically to ensure you have the appropriate amount of coverage and the policy is still meeting your needs. According to the National Association of Insurance Commissioners (NAIC), you should review life insurance policies for variances in premiums, cash value, assessment, etc.

For more information on homeowners/renters, auto, life and more, visit the NAIC for free consumer guides. Stop procrastinating and review your insurance policies today! 

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