At Hatteras Insurance, we believe in proactive protection to keep you prepared and secure. As the year winds down, now is an excellent time to review your insurance policies and make any necessary adjustments. This blog will guide you through key points for homeowners, personal auto, umbrella policies, and golf cart coverage.
1. Homeowners Insurance
Ensure Your Biggest Investment Is Fully Protected
Homeowners insurance isn’t just about peace of mind—it’s your safety net in the face of unforeseen events. According to the Insurance Information Institute, around 1 in 20 insured homes has a claim each year, with property damage being one of the most common type of claim.
- Checklist:
- Review coverage limits to reflect any home improvements.
- Ensure your policy includes replacement cost coverage for structures and personal belongings.
- Double-check your deductible amount and understand how it impacts your premium.
For a deeper dive, this article from the Insurance Information Institute is a great resource.
2. Personal Auto Insurance
Drive With Confidence
Personal auto insurance is essential for protecting yourself financially on the road. The National Association of Insurance Commissioners reports that in 2022, the average premium for full coverage auto insurance was approximately $1,771 annually, with wide variances depending on location and coverage.
- Checklist:
- Confirm liability limits that meet or exceed your state’s minimum requirements.
- Evaluate if comprehensive and collision coverage are necessary based on the age and value of your vehicle.
- Ensure that uninsured/underinsured motorist coverage is adequate.
Check out this informative guide from NAIC to understand auto insurance basics.
3. Personal Umbrella Policy
Extra Protection for Life’s Unexpected Turns
Umbrella policies provide an additional layer of liability coverage beyond your homeowners and auto insurance. With increasing claims related to personal liability, having an umbrella policy is more critical than ever. Data shows that the average cost of an umbrella policy ranges from $150 to $800+ annually for $1 million in coverage, making it an affordable peace of mind.
- Checklist:
- Verify that the umbrella policy limits meet your total assets' value.
- Ensure it covers all potential personal liability scenarios, including online defamation and major accidents.
- Review your auto and homeowners policies for compatibility with your umbrella policy.
Learn more about umbrella policies through this comprehensive overview by Nerd Wallet.
4. Golf Cart Insurance
Protect Your Recreational Rides
Whether used for neighborhood trips or rounds of golf, golf carts need proper insurance coverage. A study by the Consumer Product Safety Commission found that 15,000 golf cart-related injuries occur annually, underscoring the importance of coverage.
- Checklist:
- Verify if your homeowners or auto policy extends to golf carts; if not, consider separate coverage.
- Ensure liability and physical damage coverage for off-course use.
- Check for add-ons like roadside assistance or accessory coverage.
For an in-depth look, check out this article written by Value Penguin.
Final Thoughts
Reviewing your insurance policies with Hatteras Insurance ensures you’re well-prepared for whatever life brings. Contact us today to schedule a policy review and protect your investments with confidence.
For more tips and insights, follow us at Hatteras Insurance on Facebook, Instagram and LinkedIn.
#InsuranceTips #HatterasInsurance #HomeownersInsurance #AutoInsurance #UmbrellaPolicy #GolfCartCoverage #InsuranceRevie
