OKLAHOMA – As New Year’s resolutions are often made with the intentions of improving the present, don’t forget to make a resolution to protect your future by revisiting and updating your insurance policies.
Studies show that as many as 50 percent of insurance policyholders say they don’t have a clear understanding of their home insurance coverage.
Officials with the Oklahoma Farm Bureau Mutual Insurance encourage Oklahomans to review and update their insurance policies with their agents for peace of mind in the New Year.
“The New Year is a great time to take a step back and reevaluate insurance policies,” said Gary Buckner, executive vice president and general manager of Oklahoma Farm Bureau and Affiliated Companies. “A lot more can change in a year than people may realize, which can affect their insurance needs.
"Our agents and staff are happy to walk each client through their policies in order to ensure they have the best possible coverage to meet their needs.”
Oklahoma Farm Bureau Insurance is offering the following tips to ensure insurance policies are the best fit for policyholders:
Take a mental walk through the last year. Think through what happened in 2016. Major life changes such as getting married, having children or buying a new car or home are all things that may require an update in coverage.
If you are a business owner and have made any large purchases like new equipment or properties, or if your risk profile has changed due to property improvements or liability risks, it’s time to update your policy.
Ensure accurate property values. Big-ticket purchases can have an effect on property value, as well. A high-end piece of artwork or an expensive piece of jewelry, as well as any remodeling to your home or office, such as a pool or an upgraded HVAC system, can change the amount of coverage you need.
Take the time to review the value of your property, talk with your agent and make sure you are adequately covered.
Look into bundling policies. Bundling policies through a single insurance company can save time and money by ensuring that policies do not overlap, plus you have a single agent who can oversee your entire insurance picture.
Know the ins-and-outs of your policy. The last thing you want when a disaster strikes is to be caught not fully understanding the fine print of your policy. If you don’t understand something about your policy, don’t be afraid to ask the experts and talk to your agent.