As we begin a new year I wanted to share part of an article from:
Ken Selzer, CPA, Kansas Commissioner of Insurance
The entire artical can be viewed on the Kansas Insurarance commissioners site
Insurance Matters column January 2018
Review your insurance coverage as you begin the new year.
As we begin 2018, it is a good idea to evaluate your insurance coverage. With the changing insurance needs of families, and the changing landscape of the insurance industry, it is now even more important that you stay on top of your financial decisions for choices and coverage.
The staff at the Kansas Insurance Department (KID) offer these tips and reminders to help with your review.
This is a great time to update your home inventory and make sure your homeowners or renters policy is current for your needs. For example, if your holiday decorations are still out of storage, take some photos or video of them. Note any antique items and their value so you can talk with your insurance agent to ensure that they are properly covered.
Now that your gifts are open, remember to add them to your home inventory, too. Include as many details as you can and take a photo of each item. Most basic home insurance policies have standard limits for big-ticket items like electronics, art, jewelry or sporting equipment. You may need special coverage, so be sure to call your agent as soon as possible to discuss changes for your policy.
If you are starting a home inventory from scratch, the National Association of Insurance Commissioner’s (NAIC) free smartphone app, myHOME Scr.APP.book, takes some of the headache out of the process. Download the app for your smartphones. Also, on our ksinsurance.org website, you can print a hard copy of our Personal Home Inventory booklet; or, you can call us at 800-432-2484 to request a mailed hard copy.
Winter can be a challenge for all drivers. Whether you are trying to escape the weather for some place warmer or just preparing for another drive to work in the snow, there are a few insurance items you should review.
Make sure your coverage is appropriate for your life situation. Liability is the part of the car insurance policy that pays for any injury or damage if you cause an accident. If your liability insurance is too low, it is possible that you could be sued for any damages above your liability limits.
Also take a look at your deductibles for comprehensive and collision coverage. This is the amount you will pay if your car is damaged or totaled without fault of another driver. Raising or lowering deductible amounts can increase or lower your insurance premium.
Before hitting the road, make sure you have a copy of your insurance card and your insurance agent or company's number in the car. It is also a good idea to have a way to record details of an accident if you are in one. The NAIC smartphone application WreckCheck walks you through the process of gathering information following an accident. You can then email your notes directly to your agent or insurance adjuster.
If you have further questions, call the KID Consumer Assistance Division toll free (in Kansas) at 800-432-2484.
The Kansas Insurance Department, established in 1871, assists and educates consumers,
regulates and reviews companies, and licenses agents selling insurance products in the state. More about the department is online at www.ksinsurance.org or at www.facebook.com/kansasinsurancedepartment .