At this time of year, many people participate in spring cleaning by throwing out broken or unnecessary clutter and cleaning their homes to prepare for the months ahead. However, one important element that is often overlooked is reviewing and updating insurance policies as needed. This season, Oklahoma Farm Bureau Insurance encourages residents to add an insurance review to the list of priorities.
“While it doesn’t drain any physical space, spring cleaning your insurance policies can reduce unnecessary expenses and ensure you and your loved ones are protected no matter what the future holds,” said Gary Buckner, vice -Executive Chairman and General Manager of OKFB. Assurance. “Updating your coverage plan regularly can prevent potential financial stress and reassure you that you have the coverage you need.”
OKFB Insurance shares useful questions to consider when starting the insurance policy cleanup this spring.
Insureds should call their insurance agent and ask them to review their auto, home and personal liability limits. A high-deductible home or auto insurance policy can save money on premium payments, but it could be difficult to pay the deductible in an emergency. It is important that cardholders review their budget with an agent to ensure they can afford to pay all deductibles and premiums on an annual basis if required.
Owners should take the time to create a home inventory list and share it with their insurance agent. It can also help ensure that users have appropriate coverage for their personal property.
Coverage is not unique and circumstances can change significantly over time. An umbrella policy can provide additional liability protection beyond the coverage of auto, home, farm and ranch insurance policies, further protecting assets. Spring is a good time to work with an agent to review the need for this coverage.
Many insurance companies offer discounts for things like safe driving, multiple vehicle ownership, loyalty, and even good student discounts for teenage drivers.
Those who didn’t qualify for a discount when they purchased the policy may not, so it never hurts to ask.
In addition, certain pandemic-related issues may have caused the costs of goods and services in Oklahoma to adjust or change. This spring, policyholders should consider taking time with their agent to review insurance policies to determine if coverage has been affected.