Insurance Policy Declarations Page
Arguably one of the least-read documents on the planet, your insurance policy declaration’s page, is something you need to make time to review. In fact, reviewing your policy declaration’s page will help refresh your memory as to your current coverages and your potential out-of-pocket costs in the event of a claim. You will also be able to evaluate any additional needs in coverage, as well as catch any errors in current values and coverages on your policies. Whether you have a home, auto, business, commercial truck, umbrella, or worker’s compensation policy, reviewing your policy declaration’s page at each renewal could save you money and heartache.
Over the past year, my wife and I have spent a considerable amount of money and time updating a fixer-upper that we bought in January 2016. Since the day we moved in, we have been updating and remodeling every room of the home. When we originally purchased the homeowner’s policy a year ago, we had to answer questions about the types of finishes that the home had in the kitchen, bathrooms, and floors. Upon my renewal review this year, it was important to update the total value of our home, making sure that the home improvements would be covered in the event of a fire, earthquake, or other loss.
You may be able to relate to this story, so updating your insurance policies with increased values may be necessary. On the flip side, some assets may depreciate over time, so those insurance values need to be updated as well, possibly saving you money on monthly premiums. The moral of the story – I encourage you to take a few minutes to review your insurance policies each year.