Life Insurance

When was the last time you reviewed your homeowners and auto insurance policies? If it’s been more than a year, it may be time to check-in. Both large and small life changes can affect your coverage needs, but it’s easy to forget in the bustle of everyday life. January is a perfect time to sit down with your policy documents or reach out so we can discuss the state of your coverage. Not sure if a check-in would benefit you? Benefits of Reviewing Your Policies Savings: Checking in can make you aware of certain discounts you may qualify for. Maybe you’ve maintained a record of safe driving or installed a home security system, which could both lower your premiums in some cases. Information Gathering: Do you have an up-and-coming teen driver or a large home renovation in the works? Let’s talk about these life changes before they happen, and look at how they may impact your coverage and premiums. New Asset Protection: Purchasing a new car or other large asset, such as luxury jewelry, artwork or antiques, may require updates to your insurance policy. When to Update Your Coverage Home Renovations: Finishing your basement, building an addition to your house or adding outdoor structures will likely require changes to your coverage. It’s important to have enough coverage for the updated replacement cost of your home. Life Changes: Getting married or divorced, having a baby, moving or having a child reach driving age are all life events that should prompt a discussion about your coverage needs. Car Finances: Buying a new car, getting a new auto loan or paying off your current loan can have implications for your car insurance. Reach out to make sure you have the right policies. Homebuying: A home purchase usually requires a new or updated homeowners insurance policy. You may be able to bundle your home and auto coverage for potential savings. A new year can be a great time to check in about your insurance coverage. Get in touch to review your current policies and discuss whether changes are needed.

In the past few years, credit card balances have trended upward nationally. While debt may be an unfortunate fact of life, there are steps you can take to improve your finances. Paying down debt takes time, but you’ll feel less stressed if you can maintain control over your budget and build your savings instead of making debt payments. Whether you’re struggling with credit card balances, medical debt or loans, these tips could help you create a solid foundation for your financial life and find an approach to managing debt that works for you. 1. Start budgeting. Making a budget is the first step towards getting — and staying — out of debt. Sticking to a budget will help you track the money coming in and going out of your accounts so you can avoid overspending. You can categorize your expenses and identify what to cut back on. You can also use your budget to determine how much debt you can pay off each month. 2. Choose a debt payoff method. It’s natural to feel overwhelmed by debt. If you don’t know where to start, consider using one of these two popular payment approaches: The Snowball Method : Start with your lowest balance and throw everything you can at it while making the minimum payment on everything else. This approach helps you reach your first “win” faster, which can motivate you to keep going. The Avalanche Method : Start with the loan or credit card that has the highest interest rate. This method may take longer to clinch your first victory, but it will help you save on interest in the long run. 3. Get help from a professional. If you can’t or don’t want to do it alone, consult a professional for help. Credit Counseling : You may find this through a nonprofit organization with certified counselors. You can discuss your finances, then they can help you make a plan for paying off debt and gaining control of your money. Debt Consolidation Services : Also known as debt relief, these companies could help you consolidate multiple balances into a single payment. They may also negotiate with your creditors to pay off your debt for less than you owe, but be sure to use a reputable company. Financial Planners : If you’re looking for a long-term guide, financial planners can help you manage your budget, savings and debt to support your goals. Managing debt takes time, but it’s worth it. If you have questions about your homeowners, renters or auto insurance (financial or otherwise), reach out today.

If you live near a body of water, having a boat could provide lots of summer fun, like fishing, water sports and simply hanging out with friends and family. In some places, boating can even be enjoyed during other seasons. If you love boats and have always wanted one of your own, buying a boat may be worth it regardless of how often you can use it.  Of course, as with any vehicle, it’s important to consider safety when buying and using a boat. Keep reading to learn more about buying and owning a boat. Financing A boat is a large purchase. If you can’t pay in cash, you may be able to get a new or used boat loan from a bank, dealership or other lender. It’s a good idea to get preapproved so you know how much you can borrow and what interest rate and monthly payment you can expect. You can consider buying in the fall or winter, when demand (and prices) might dip. License, Registration and Insurance Similarly to car ownership, owning a boat requires a license and registration. To get a license, you’ll need to take a safety course and pass the exam. You can look up state requirements for boat licensing and registration. Make sure to test drive your boat on the water before bringing it home, too. While not required in every state, boat insurance is still a good idea to protect your investment. It can provide coverage for theft, accidents or damage from a covered peril. You can also get liability coverage in case you cause any accidents or damage. Maintenance and Storage You should also factor in the ongoing costs of maintenance and storage. You can ask the seller about maintenance for the type of boat you’re interested in, and you can also do research online. You can store your boat at your house, on the water or on a trailer. You may also need to store it somewhere for the winter. If you can’t (or don’t want to) keep your boat at home, you can look for space at a marina. Do you have questions about insuring a boat or other vehicle? Reach out today for help.

Do you rent a self-storage unit? If so, you might be storing belongings during a temporary relocation or using it as a more permanent solution for items you don’t have room for at home.  Either way, you may wonder if your property is protected in the event of theft, natural disaster or other damage. Let’s take a look at storage unit insurance options and other considerations for your unit. What is storage unit insurance? Protection for belongings you keep in a storage unit may be included in your homeowners or renters insurance. It would fall under personal property coverage for clothes, appliances, electronics, furniture and more. Get in touch if you’d like to review your policy details for covered perils and coverage limits on “off-premises” belongings. Storage unit insurance can also be purchased as a stand-alone policy. You should also look into what coverage your self-storage facility offers. Look at the small print to understand what is and isn’t covered. When do you need storage unit insurance? This type of coverage comes in handy if personal belongings in your storage unit are stolen or damaged in a fire, flood or other natural disaster. Depending on the value of your items, you may want to purchase additional coverage. Should you keep a storage unit inventory? Just as you maintain a home inventory, a storage unit inventory can also help you keep track of your belongings and their value in case you need to file a claim. Create a list of items and their replacement value, along with any other information you can provide (such as receipts, appraisals, serial numbers on electronics, etc.). Do you need help with coverage for your storage unit? Reach out today.

Maintaining a home inventory is an important part of keeping your homeowners or renters insurance updated — and ensuring you have sufficient coverage. It can be difficult if you wait until something happens to your home to try and remember what you own and its value. Instead, it may be a good idea to create a home inventory that could make the claims process easier if disaster strikes. Find out more about why a home inventory is important and how to make your own:  What is a home inventory? A home inventory is a list of your possessions and their estimated or appraised value. You may also want to include photos and receipts. Having a home inventory will make the process of filing a home insurance claim easier in the event of an emergency, like a covered natural disaster or theft. You can refer to your list instead of trying to remember each item in your house when you’re already in a stressful situation. How do you create a home inventory? Prevent yourself from being overwhelmed by breaking it down by room and category. For example, you could start in the living room with categories like furniture, art and electronics. Cover high-cost items first, as these will be your top priorities to replace. You can estimate the worth of items you own or have certain valuables professionally appraised. As you make purchases, save receipts to record the value of new big-ticket items. You can use an app or spreadsheet to keep your inventory organized. Record the serial numbers of electronics and appliances, and consider taking pictures for further documentation. How often should you update your inventory? Find a safe place to keep your home inventory, and update it quarterly, annually, twice a year or when you make a new large purchase — whatever works for your schedule. Put it on your calendar or set a reminder so you don’t forget. Creating a home inventory can also make you wonder if you have the right home insurance coverage. Please feel free to reach out if you have questions about your policy.