Talk to us before changing your insurance coverage

Cutting corners to save money at home or at the office is a necessary survival measure these days, but be extra careful when it comes to considering your insurance coverage. Do not take the word of consumer Web site gurus or friends from the corner pub as gospel. Before making any moves, ask one of our licensed representatives if the ideas make sense.

If you read or hear that dropping replacement cost coverage for "actual cash value" coverage is a sound cost cutting step, remember that you will save little in exchange for much less coverage. Another bad idea is dropping uninsured motorist coverage and reducing liability coverage to the minimum required by the state. Both of these are critical coverage provisions that protect your from catastrophic losses if you are involved in a motor vehicle accident.

Someone may recommend dropping coverage for uninsured motorist bodily injury and medical payments if you also have health insurance. But, uninsured motorist insurance covers much more than just medical expenses, and changing that coverage can put you, your family and passengers at great risk.

Here are some sensible moves to control the cost of premiums or possibly save some money on insurance for motor vehicles and structures:

• Investigate coverage and product options with your Soucy Insurance agent.
• Weigh whether increasing deductibles is appropriate.
• Ask for multiple-policy discounts that will apply if you insure your automobile and home with the same company.
• Request discounts such as credits for anti theft alarms, low mileage credits, college credits, good student credits and more.
• Implement risk management alternatives to insurance such as placing valuables in a safety deposit box rather than scheduling them under a policy.

Insure your sweetheart’s special gifts

After you get through admiring that bling your sweetheart gave you for Valentine’s Day, you should have it appraised to ensure you have adequate homeowners insurance to cover its value.

Our agents can assist you with determining if it is necessary to increase your policy coverage or obtain a separate policy. So the agent can make an informed decision, you should have a list of all of your valuable jewelry, toys, electronics and heirlooms. 

When it comes to covering such items, consider:

• Insuring the valuables with a floater or endorsement if additional coverage is needed.
• Obtaining store receipts or written appraisals and keeping them with your records to ensure proper replacement value.
• Storing valuables in a secure location such as a safe deposit box.
• Keeping an updated video or digital camera inventory of your possessions in your home and in at least one off-site location.

In addition, remember that possessions such as jewelry, art work and collectibles can increase in value so you should check periodically with an agent to ensure you have sufficient coverage.