TRENTON – The beginning of spring is the time to take a day or a weekend to wash the windows, put away the sweaters and blankets and organize your life after the long winter season. Not only is this the perfect time to clean out your messy closet, but it’s also the perfect season to organize your insurance records suggests Professional Insurance Agents of New Jersey Inc. At least once a year it’s a good idea to shake the cobwebs off your insurance policy documents and review your coverage.
Here are some tips for spring cleaning your insurance and making sure your polices are up-to-date and offering you the protection you need:
- Take stock of any changes in your life since you last reviewed your coverage with your agent. Changes such as getting married, having children, going to college, an engagement, buying new car or moving are landmark events that change your insurance coverage needs.
- Consider how you use your vehicle. Some companies base their rates on the number of miles you drive to and from work.
- Examine the comprehensive and collision limits on your current policy. An older vehicle may not require comprehensive and collision coverage. Consider the age and value of your car and whether or not you can afford to fix it yourself if you have an accident. Also, consider your overall liability limits. Consumers must make sure they have enough coverage.
“Having limits set at levels too low or just enough to meet state requirements may save money in the beginning,” says Anthony Bavaro, CIC, CRM, PIANJ president, “but could end up costing thousands of dollars if something happens in the future.”
PIANJ also offers tips on reducing homeowners insurance premiums:
- Make improvements. Adding smoke detectors and a security system can help lower premiums, and make sure your agent knows about it.
- Don’t make unnecessary claims. Filing claims for minor damage could possibly lead to higher premiums. Speak with your agent if you aren’t sure.
- Lastly, reconsider your deductible. Increasing the deductible on physical damage can lower the premium. But before raising the deductible, consumers should make sure they have enough money readily available to pay the higher deductible should something happen to their vehicle.
“Call your professional, independent insurance agent with any questions you may have,” continued Bavaro. “He or she will evaluate your current coverage and make sure you are properly protected at the best possible price.”
PIANJ is a trade association representing professional, independent insurance agencies, brokerages and their employees throughout the state.
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