When was the last time you reviewed your insurance policy? If you can't remember, it's time to take action. Regularly reviewing your insurance coverage can save you money in the long run and give you peace of mind.
As an example, let me share with you my recent experience. I reviewed my homeowner insurance policy after the devastating Marshall Fire in Colorado, which destroyed nearly 1,100 homes in 2022. Although my house is about 15 minutes away from the affected area, I realized that my home was underinsured.
Upon reviewing my policy and getting a second opinion from another insurance agent, I discovered that my current policy did not meet my needs. My home has a square footage of 3,290 and my current dwelling coverage was at $546,800, which equates to only $166/square foot when I last purchased it.
However, after learning from the Marshall Fire and considering inflation, I learned that my coverage needs to be a minimum of $300 per square foot. This means that it would cost around $987,000 to rebuild my house, not including any updated or remodel add-ons unless noted in the policy.
If my policy only covered $546,800, I would be out of pocket for $440,200, plus the deductible. This is a significant amount of money, and it highlights why reviewing your insurance coverage is critical.
Don't let insurance be the first thing you cut when your budget gets tight. It's important to review your finances and have the courage to move money around to where it gives you peace of mind.
Regularly reviewing your insurance coverage is crucial to ensure that you're adequately protected. Don't wait until it's too late. Take action now and review your policies to save yourself money and protect your peace of mind.
Protect your home and your finances. Don't wait for a disaster to strike before reviewing your insurance policies. Contact a trusted insurance agent today to get a free insurance review and make sure you're adequately covered. Your peace of mind is worth it.
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Please note that MEG Financial Wellness, LLC is not a tax, legal, or investment agency, and we do not offer legal, tax, or other professional advice. For clients seeking professional advice, we recommend consulting with a qualified professional advisor.
Please be aware that we do not offer every plan available in your area. The information we provide is limited to the plans we do offer in your area. For information on all available options, we recommend contacting Medicare.gov or calling 1-800-MEDICARE.