March 31, 2016

Back to Basics

Getting Back to Basics with insurance:

Yearly you should do the following to clean up your insurance from a personal level.  Insurance needs change all the time.  No one likes to worry about their risk and coverages.  Below is simple list of things that consumers can do to help mitigate some of their own personal risk.  A Personal Insurance Review can assist in mitigating coverage gaps.

• Review that your trust is properly listed on your home insurance documents.   An improperly listed trust could be an issue during a claim.
• Confirm that your Coverage A rebuild amount will suffice for your property.   Having the appropriate amount of insurance coverage here is important.  Concepts such as Demand Surge, Extended Building Endorsement, and Building Ordinance and Law are important.
• Confirm that total liability amounts are equal to or greater than your net worth calculations.  Under protecting your net assets could cost you.
• Confirm that the correct and most liberal form of liability coverages are applied to your insurance that you can afford.  Consider shopping with an affluent insurance company.
• Check to see if your business is properly insured.   Non insured or uninsured business liability can ruin you financially.  Even if your business is a work from home business you will likely need coverage.
• Consider moving to an Affluent Insurance Carrier.   An affluent carrier may better protect your assets worldwide.
• Meet with your financial adviser to reassess term life insurance coverage needs.    The term life insurance page here contains a quick and easy way to gauge costs. Your financial situation is in constant fluctuation.

• Contact any non profits that you work with that you have the correct and proper forms of insurance coverages.  Are you protected for an Officers decision that you make for them?
• Reassess Home Insurance coverages for various catastrophic perils such as Flood, Earthquake, and even Landslide.  Flood Zones change, the equity in your home grows.  What was once decided may need to be re-decided.
• Walk around your property and inspect it for possible new perils that have grown or changed forms.  An example of this may be a tree that has grown too big or a hole in your fence.
• Set up a meeting or conference call with your insurance agent.   Speaking with your insurance agent rarely will hurt you.
• Review your Auto Liability Coverage amounts, and like your auto insurance confirm that this amount is equal to or greater than your estimated net worth.  An Umbrella Insurance policy could be a good idea.
• Increase your Uninsured motorist coverage to the most that you can afford.  If you have grown the size of your family this is even more important.
• Assess if you can afford higher comprehensive and collision deductibles.
• Read your home insurance policy and understand what you are and are not covered for.  Perhaps contact your agent with questions.
• Review best safety and emergency practices with your family.  Quick – What should you do in an earthquake?  Where should you go in a flash flood?
• Look at your Medical Insurance to confirm all family members have listed.  This sounds obvious, but it can be overlooked.
• Get your dog properly trained.  Dog Bites account for a huge percentage of insurance claims.
• Make sure your pool is fenced in.  You may also consider adding a safety net/cover and and removable sub fence.
• Only hire licensed, bonded, and insured contractors.  Most licensed professionals in California can be found on the various licensing boards online these days.  Contractors in California can be looked up on the Contractors State Licenses Board.   When in doubt, ask!

 Personal Insurance Review:

Doing a Personal Insurance Review often can be difficult when done by yourself.  However the task can pay off if done often.  A Personal insurance review may bring notice of a coverage gap.  Sometimes this is where a good independent insurance agent or risk manager can be of true service.  The above is not a complete list.  Rather a sampling.

About Marindependent Insurance Services LLC:

Marindependent Insurance Services is an independent brokerage agency based in sunny Marin County California.   We take time assessing our clients needs.  We work with the establish a risk reduction and management plan that protects them.  Marindependent is ruled and regulated by the California Department of Insurance 0K10734.  Reading about insurance online is not a suitable replacement for speaking with a licensed insurance broker or independent agent in your state.  Rules about insurance can and will be state and or country specific.  Regulations vary from state to state.