PID 3598

Holiday Home & Auto Check

Holiday Home & Auto Check

Jenny Hagadorn, CFP®

When is the last time you reviewed your home, auto, & liability insurance coverages? For most Americans, they check or make changes when they move or buy a new car, but rarely evaluate all of their policies. As you are gearing up for holiday travel or hosting family at your home, here are a few areas to assess:

  • Dwelling Limit – could you truly rebuild your home with the amount it is insured for? Have you made any improvements to the home that would increase its value? This coverage should be reviewed regularly, especially with rapidly changing building costs.
  • Deductibles – are you comfortable with your current deductibles? A good rule of thumb is to set these at a dollar amount you’d actually file a claim for. For example, let’s say you have a $500 deductible on your auto policy. If something happened to your car that costs $600 to repair, would you file a claim, or just pay out of pocket? If the answer is “pay out of pocket,” consider increasing that dollar amount. This can also potentially create some premium savings!
  • Personal Articles Policy – have you added any new jewelry, artwork, firearms, or other high value items that should be insured separately from your homeowner’s policy?
  • Umbrella Coverage – have you had any major changes to net worth that may warrant an increase in coverage?


Periodically evaluating these points is a brief exercise that will ensure your family is protected, while also finding potential efficiencies.

Bonus Activity: Once your house is clean & ready for guests, take FV President Kylie Felker’s advice and record a video of the interior of your home & belongings. Should anything catastrophic happen, you will have the right coverage in place and won’t have to worry about remembering all the contents of your home.