Contributed by Steve Schneider, President, CB Insurance
There is only one thing that could make this better: An insurance review!
Now is a great time to take stock of new jewelry, gifts, and other trinkets that should be added to your insurance. And, take stock of older pieces of jewelry, art, or other collectibles that have appreciated in value over the years.
Those items valued at over $2,500 may require special coverage on your homeowner’s insurance. New “grown up” toys such as ATVs, motorcycles, and snow mobiles should be insured properly for damage to the equipment and liability arising from their use.
Finally, dig out your old homeowner policy and look to see that the replacement-cost values are correct. While the market value of your home could have dropped over the past few years, the cost to actually replace the home, should it be destroyed, has likely increased.
So, drop that turkey leg, grab a pencil and paper, and make a list of items to review with your insurance consultant.
The time spent now reviewing these items can save you countless hours and headaches in the future should the unthinkable occur.