Holidays are on the horizon. Stores are filled with decorations and items at least three holidays in advance. Special racks meet you at the checkout counter with 99% off items for the holiday that has not even passed yet.
What a glorious time of the year! Savings on anything is savings for more of everything!
Now that you are feeling that holiday glow and headed out to shop and save money, let us turn your attention to some other things you may want to consider.
Savings on decorations and gifts may get wiped out unless you take a moment to make sure essential assets are protected. The first and biggest one could be your home. The cost to repair or rebuild your home may give you sticker shock. Check your homeowner’s insurance policy.
How much coverage do you have if a natural disaster or other mishap causes serious damage?
One report from the National Association of Insurance Commissioners states that while homeowners’ insurance premiums have increased, residential building costs have risen considerably more. That could mean you do not have enough insurance to repair or rebuild your home. The cost of materials and labor have skyrocketed. Rebuilding your home could cost more than you realize.
There are some steps you can take. Check your insurance policy for the amount of coverage you have. Find out if your insurance policy includes an inflation rider that automatically adjusts the amount of coverage each year. Ask if your insurance policy pays only the stated value or if it has a buffer that provides an additional amount of coverage in the event of a total loss.
What about the gifts under the tree, in the closet, and under the bed? There is a separate limit for personal property. There could also be a limit for certain types of personal property. The most heartbreaking loss could be jewelry. Often a photo and appraisal will provide better coverage, a lower premium and a lower deductible.
A call to your insurance company for specifics and options could mitigate the amount of loss. Having a plan for safety to prevent loss or damage is always a good idea. Taking the time to call your insurance agent is an excellent way to feel confident about recovering from the unexpected.
Here are some tips to keep you and your family safe for the holidays:
- Practice safer driving habits, like defensive driving, wearing your seat belt, and avoiding aggressive or angry driving. Do not drink and drive. Winterize your car. Have blankets, food and water, a flashlight, jumper cables, and a car emergency kit in your car.
- Keep receipts in your wallet or purse; keeping them in the bag makes it easier for thieves to return items for cash.
- If you put your items in the trunk and head back to the store for more, consider moving your car.
- Take extra time and care to stay extra safe. The universe needs you.
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