Updating Your Important Documents Annually
Part 1 – Homeowners Insurance Policies
The past year has brought with it several challenges that were unforeseen but has also granted us with the opportunity to slow down, think about the things we value, appreciate the time we are able to spend with our loved ones, and perhaps most importantly, adapt and ensure we are prepared (as much as we possibly can be) for moments of uncertainty.
With 2021 swiftly approaching, many are making resolutions for the next year, with hopes that a vaccine will provide successful results and a sense of normalcy will return to our lives. Part of preparing for the next year that should be thoroughly considered but often gets overlooked—updating your important documents. By taking the time to review and update items like your insurance documents, will, trust, POA, and beneficiary list, you can obtain peace of mind that your affairs are in order should something unexpected occur. After the chaotic year we have all experienced, peace of mind is a resource that we find even more valuable than ever before.
Many people initially purchase insurance when buying their home. However, failing to review and reassess their needs each year can ultimately lead to a gap in coverage. The process does not have to be a time-consuming endeavor either. Spending a few moments of your time speaking with your agent can help provide the peace of mind that you are covered, and your limits meet your current needs. Here are questions you should ask yourself and discuss with your insurance agent when reviewing your homeowners policy:
- Have you had any changes in the occupancy of the insured home?
- Has the deed changed, or have you paid off your mortgage?
- Do you own any additional residences or vacant land?
- What about major or minor renovations to your home, like upgrading your roof, wiring, plumbing, or heating?
- Have you protected your home by installing an alarm system or hurricane shutters?
- Do you have a home business or work from home?
- Have you made any large purchases like valuable jewelry, fine art, furs, or electronics?
- Do you own any animals?
- Are you renting all or part of your residence, regularly or on a short-term basis?
**Have you recently moved to Florida from another state? Contact us to receive a PDF of the book “On the Road to Florida.” The book provides extensive legal information and serves as an informative guide. This is a free resource we provide and contains valuable information for new Floridians.
Here at Burke, Bogart & Brownell, we recommend an annual review of your insurance documents to determine if your current coverages are appropriate for your needs, which are unique and constantly changing. Please reach out to us with any questions you may have. We are always here to help and serve you.
Protect your greatest investment and consider updating your home inventory. We’ve created this helpful guide to help get you started.