Review Insurance Coverage Regularly
Review Insurance Coverage Regularly
Last year my husband and our family PCSed from Sacramento, California to Cleveland, Ohio for my husband’s new position as a recruiter. Once we sold our home in Sacramento, we began to look for a new house in the Cleveland suburbs. Once we found our new home and started going through the closing process, we needed to find homeowners insurance for our new home.
Something that we have learned in the last couple of years is to shop for insurance for your home and auto through multiple companies to make sure we’re finding the most competitive rates. We think it’s also helpful to talk to agents when getting quotes to ensure we’re getting a policy with coverage that meets our family’s specific needs. For example, our agent recommended in our homeowners policy to include a special provision for our basement since we have a sump pump that could possibly fail during a power outage leading to potential flooding.
Once you have chosen a provider, another tip is to have annual insurance checkups on your home and auto insurance policies with an experienced insurance agent to see if any changes to current policies are needed.
MilSpouse Money
Mission Response:
While insurance may not be the most exciting financial topic, it is a critical aspect of your overall financial well-being. Broadly, the purpose of insurance is to protect your financial resources from a devastating financial loss; this is also called risk management. Events like natural disasters and accidents can happen to anyone at any time so it’s best to be prepared and have the right coverage in place. Visit our resource Insure Your Family for a high-level overview.
We love your suggestion to shop around for the best insurance rates, Mary Claire! There are many different types of insurance, but in this tip, we’re referring specifically to auto and homeowners insurance. A PCS can be a good opportunity to review, update, and shop for coverage. As Mary Claire’s experience shows (and other milspouses can relate), the potential hazards to your property and resources can change from place to place. Certain weather patterns, driving habits, and financial status could affect the type and amount of coverage needed. There is no “one-size-fits-all” policy. Understand your coverage options, research potential companies, talk with trusted family and friends, and obtain quotes from high-quality companies before making a final decision. Finally, review your coverage annually to make sure you have the right protection in place for your current situation.
