Insuring Your Pricey Presents

Insuring Your Pricey Presents

When all the wrapping paper has been thrown away, and you bask in the glow of another happy holiday, the last thing you want to think about is whether or not your new gifts are covered by your insurance. We get it. But if Santa’s been extra good to you this year, you may want to put down that eggnog and check to see that you’d be covered if your new goodies were lost, stolen, or destroyed.

Even if you didn’t find a new car with a bow on top in your driveway on Christmas morning, you still might need to think about insuring your pricey presents. For instance:

Jewelry

Jewelry is covered under the contents portion of your homeowners or renters insurance policy, but only up to a certain limit (often $1,500). Items such as engagement rings, high-end watches, and tennis bracelets may go over your policy’s limits, leaving them unprotected. If so, you’ll need to raise your limits, or buy a special “rider” or “floater” policy to cover your new bling. Talk to your Lakewood Financial agent about appropriate coverage, and what steps you’ll need to take to get it.

Stereo/flat-screen TV/computer

These items will likely be covered under the contents portion of your homeowners or renters policy, but you should review your policy to see if your limits are adequate for all your personal property, including your new gifts.

Artwork

If you receive a piece of fine art as a gift, you will likely need specialized fine art insurance. Most standard homeowners policies won’t provide enough coverage for high-value art.

Also remember to:

Make sure you keep receipts if you have them, and add your new property to your home inventory list.

Double check the type of coverage you carry, i.e., replacement cost or actual cash value.  “Replacement cost” covers the amount you would need to replace the item with a new, similar item, and actual cash value will cover the cost of replacing the item minus depreciation for that item. We almost always recommend replacement cost coverage.

Don’t assume your pricey presents are covered. Review your policy, or give your Lakewood Financial agent a call at 941-747-4600 (or contact us) to be sure your holiday gifts are protected.

Five Simple Ways to Lower Your Car Insurance Bill

car insurance bill

Money is always tight, especially during the holiday season. The last thing you want is to spend any more than you have to on your car insurance. Aside from the obvious thing—maintaining a clean driving record—is there anything else you can do to lower your car insurance bill without skimping on coverage?

 

Yes, there is! Here are five things you can do to make sure your car insurance bill is the lowest it can be:

1. Keep your credit record spotless. Why does your insurance company care about your credit rating? Because according the Insurance Information Institute (III), research shows that people who effectively manage their credit have fewer claims—something insurance companies love!

If your credit rating could use some improvement, make it better by paying all your bills on time, and reducing the overall amount you owe. (Click here for more tips on improving your credit score.) 

2. Choose your vehicle wisely. If you’re in the market for a new car—or even just one that’s new to you—check with your insurance agent before you sign on the dotted line. Some of our clients have been unpleasantly surprised at how much insurance for their new ride cost them. Car insurance premiums are calculated by using a number of factors, including how safe a vehicle is, how much it costs to repair it, and how likely it is to be stolen.

3. Ask about discounts. Be sure to ask your Lakewood Financial agent about all applicable discounts. In addition to discounts for safety features like anti-lock brakes and air bags, some companies offer discounts if you’ve taken a defensive driving course, if you drive a lower number of miles than average per year, or if your teen driver is a good student or has taken a driver’s education course. Every little bit helps.

4. Consider raising your deductibles. If you have a claim, your deductible is what you pay before your insurance policy does. Raising your deductibles can reduce the cost of your comprehensive and collision coverage, but you’ll want to be sure you have enough money saved to pay that higher deductible if you have a claim.

5. Shop around. This is where an independent agency like Lakewood Financial really shines. We represent more than 40 car insurance companies, we’ve served the Bradenton, Lakewood Ranch, and Sarasota communities for 14 years, and we’re committed to finding the best deal for your situation. Give us a call at (941) 747-4600, or email us for a free, no obligation quote.

P.S. Click here for even more tips on lowering your car insurance bills.