Time to evaluate your insurance coverage

Most of us do not think about insurance during the hectic rush of the holidays, but now that 2013 is under way, it is a good idea to evaluate your insurance coverage. The National Association of Insurance Commissioners (NAIC) offers these tips and reminders to help with your review.

Homeowners', Renters' Insurance

This is a great time to update your home inventory and make sure your homeowners or renters’ policy is up to date. If you haven’t put the holiday decorations away, take some photos or video of them. Don’t forget to make note of any antique items and their value so you can talk with your insurance agent to ensure that they are properly covered.

And while you are getting your house back to normal, be sure to add any new items to your inventory, take photos and video too. Add gifts you received to your list and be sure to include as many details as possible. Most basic home insurance policies have standard limits for big-ticket items like electronics, art, jewelry or sporting equipment but 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 NAIC's free smartphone app, myHOME Scr.APP.book, takes some of the headache out of the process. Download the app from iTunes or Google Play.

Auto Insurance

Winter can be a challenge for all drivers. Whether you are trying to escape the weather for someplace warmer or just preparing for driving to work in the snow, there are a few insurance items you should review.

To make sure you are winter-ready, check your auto insurance policy.

Make sure your coverage is appropriate for your life situation. Liability is the part of the 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 this amount can affect your 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. Download the free app from iTunes or Google Play.

Health Insurance

Many families recently went through the open enrollment process for their health insurance at work or Medicare open enrollment, which means you may have new insurance cards and paperwork coming in the mail. It is a good idea to get all this information together before winter illness or accidents happen.

Make sure to check your provider lists to verify visits to your doctor and any specialists are still covered by your policy, as in-network or preferred provider lists change from year to year. Also read through your documents and make note of your copays for in-network and out-of-network providers so you are not surprised later.

When you're planning a vacation away from home, check with your insurance carrier to identify urgent care centers and hospitals that accept your insurance coverage near your destination and along the way. Be sure to ask your carrier about applicable co-pays and deductibles if care is needed.

More Information

Many families recently went through the open enrollment process for their health insurance at work or Medicare open enrollment, which means you may have new insurance cards and paperwork coming in the mail. It is a good idea to get all this information together before winter illness or accidents happen.

Make sure to check your provider lists to verify visits to your doctor and any specialists are still covered by your policy, as in-network or preferred provider lists change from year to year. Also read through your documents and make note of your copays for in-network and out-of-network providers so you are not surprised later.

When you're planning a vacation away from home, check with your insurance carrier to identify urgent care centers and hospitals that accept your insurance coverage near your destination and along the way. Be sure to ask your carrier about applicable co-pays and deductibles if care is needed.

More Information

If you have questions about your insurance options or about your insurance coverage, call the Vermont Department of Financial Regulation consumer information line at 1-800-964-1784.