A few weeks ago we received information from the Ohio Department of Insurance with a checklist of items to review on your insurance policies.
Life Insurance-changes such as marriage, birth of a child, divorce, mortgage, job or retirement are indicators you might want to review your life insurance coverage. These life events might mean you need to increase or decrease benefits, adjust any riders on the policy and to update your beneficiaries. Take a look at your annual statement to be sure the current premium meets or exceeds the policy's costs. The annual statement may also show any loans taken against the policy which will affect cash value or death benefit and any interest credited to the policy. Homeowners and Renters Insurance-Create a home inventory using the free app myHOMEScr.APP.book. It will aid in the process of purchasing adequate insurance and help with claim filing. Consider special coverage for big ticket items like jewelry, electronics, art or sporting equipment. FLOOD INSURANCE IS NOT INCLUDED IN HOMEOWNERS OR RENTERS INSURANCE. It is a separate policy and normally has a 30 day wait period. Auto Insurance-liability coverage pays for any injury or damage if you cause an accident. If the liability limits are too low you may be legally responsible for any damages above your limits. Review deductibles for comprehensive (other than collision) and collision coverage. The deductible is the amount you will pay if your car is damaged or totaled without fault of another driver. Higher or lower deductibles will affect your premium. There is a free app that will assist you in gathering the necessary information after an accident. The app is WreckCheck. Health Insurance-If you recently enrolled or changed health insurance make sure you have new insurance cards and paperwork before visiting a doctor. Check the providers list to make sure your doctor or specialist is still on the preferred provider list or in network, these lists can change over time. Read through the information provided so that you are aware of any co pays and out of pocket expenses. After receiving your Explanations of Benefits (EOB) verify that the benefits were applied to your in network and out of network deductible and your out of pocket maximum costs. Should you disagree with how the claim was processed contact your insurer to file an appeal.
Again, this information was taken from an email we received from Ohio Department of Insurance, www.insurance.ohio.gov.