{"id":5868,"date":"2018-10-30T14:46:39","date_gmt":"2018-10-30T20:46:39","guid":{"rendered":"http:\/\/bgs.com\/?p=5868"},"modified":"2018-10-30T14:46:39","modified_gmt":"2018-10-30T20:46:39","slug":"when-should-i-review-my-insurance-coverages","status":"publish","type":"post","link":"https:\/\/www.bgs.com\/blog\/2018\/10\/30\/when-should-i-review-my-insurance-coverages\/","title":{"rendered":"When Should I Review My Insurance Coverages?"},"content":{"rendered":"

 
\nWinter is approaching and many people rake their leaves, get their cars ready for winter or do other projects to prepare for winter. It might also be a good time to look at your insurance coverages to see if they are outdated or inadequate. It\u2019s better to do so before you run into a problem than to find out afterwards that you do not have enough coverage.<\/p>\n

[maxbutton id=”2″ ]<\/p>\n

More Protection Can Be Affordable<\/strong>
\nMany of us bought car insurance when we were younger and times were tight financially, so we purchased the minimum amount of insurance necessary to protect us. However, there is the insurance adage that \u201cthe first dollar of coverage is the most expensive.\u201d What that means is that you can significantly increase the protection for you and your family<\/a> without a proportionate increase in your insurance premiums. Thus, you can double your automobile liability and uninsured\/underinsured motorist limits from $50,000\/$100,000 to $100,000\/$300,000 without doubling your premium. The same is true if you elect to \u201cstack\u201d or increase your \u201cno-fault\u201d coverages that protect you and other family members that reside with you. Again, you can add significantly more protection in the event you or a loved one gets injured for a modest increase in your premium.
\nMost people purchase the statutory minimums of no-fault coverage which are $20,000 worth of medical expenses and $20,000 of wage loss\/economic loss benefits. The Minnesota legislature recently increased the maximum amount of weekly wage loss benefits from $250 to $500. However, many of our clients are disappointed when they learn they can only receive a maximum of $500 per week in lost wages even though they\u2019ve lost significantly more than that.
\nIt\u2019s good to analyze your insurance coverage<\/a> in light of your increased earnings or wages to see if you could survive several weeks of only receiving $500 a week for lost wages. If you could not, you can contact your agent to increase your weekly maximum benefit.
\nConsider Your Acquisitions<\/strong>
\nAs people get older they make more money, acquire snowmobiles, ATVs, cabins or similar purchases, so it\u2019s important to review the amount of liability coverage<\/a> that you have under your homeowner\u2019s and automobile policies. Often times a homeowner\u2019s policy has to be modified to cover larger boats, ATVs and snowmobiles. You should consult your agent if you have purchased these items.
\nProtecting You and Your Family<\/strong>
\nLiability coverage protects you if you were to cause injury to another person. That protects you from the claim of someone else. However, if your personal assets significantly exceed the amount of liability coverage you carry, that might create the temptation for the injured party to try to obtain your personal assets<\/a>. Thus, it\u2019s often important to consider increasing your liability coverage or purchasing a liability umbrella policy.
\nPeople often overlook their uninsured and underinsured motorist coverage. This protects you and your passengers if another driver causes injuries or harm that exceed the other driver\u2019s insurance limits — $30,000 may not go very far. It would also cover the situation where an irresponsible and uninsured motorist injures you. Purchasing higher limits of uninsured and underinsured motorist coverage can protect you from irresponsible and underinsured drivers. Again, it\u2019s relative cheap to increase your uninsured and underinsured coverages. Some insurance companies offer uninsured and underinsured motorist coverages with their umbrella policies; however, not all companies do. Check with your agent.
\n 
\nLet us know if you have any questions.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

  Winter is approaching and many people rake their leaves, get their cars ready for winter or do other projects to prepare for winter. It might also be a good time to look at your insurance coverages to see if they are outdated or inadequate. It\u2019s better to do so before you run into a problem than to find out afterwards that you do not have enough coverage. [maxbutton id=”2″ ] More Protection Can Be Affordable Many of us bought car insurance when we were younger and times were tight financially, so we purchased the minimum amount of insurance necessary to protect us. However, there is the insurance adage that \u201cthe first dollar of coverage is the most expensive.\u201d What that means is that you can significantly increase the protection for you and your family without a proportionate increase in your insurance premiums. Thus, you can double your automobile liability and uninsured\/underinsured motorist limits from $50,000\/$100,000 to $100,000\/$300,000 without doubling your premium. The same is true if you elect to \u201cstack\u201d or increase your \u201cno-fault\u201d coverages that protect you and other family members that reside with you. Again, you can add significantly more protection in the event you or a loved one gets injured for a modest increase in your premium. Most people…<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[],"coauthors":[],"yoast_head":"\nWhen Should I Review My Insurance Coverages? - Barna, Guzy & Steffen, LTD.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bgs.com\/blog\/2018\/10\/30\/when-should-i-review-my-insurance-coverages\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When Should I Review My Insurance Coverages? - Barna, Guzy & Steffen, LTD.\" \/>\n<meta property=\"og:description\" content=\"  Winter is approaching and many people rake their leaves, get their cars ready for winter or do other projects to prepare for winter. It might also be a good time to look at your insurance coverages to see if they are outdated or inadequate. It\u2019s better to do so before you run into a problem than to find out afterwards that you do not have enough coverage. [maxbutton id=”2″ ] More Protection Can Be Affordable Many of us bought car insurance when we were younger and times were tight financially, so we purchased the minimum amount of insurance necessary to protect us. However, there is the insurance adage that \u201cthe first dollar of coverage is the most expensive.\u201d What that means is that you can significantly increase the protection for you and your family without a proportionate increase in your insurance premiums. Thus, you can double your automobile liability and uninsured\/underinsured motorist limits from $50,000\/$100,000 to $100,000\/$300,000 without doubling your premium. The same is true if you elect to \u201cstack\u201d or increase your \u201cno-fault\u201d coverages that protect you and other family members that reside with you. Again, you can add significantly more protection in the event you or a loved one gets injured for a modest increase in your premium. Most people...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bgs.com\/blog\/2018\/10\/30\/when-should-i-review-my-insurance-coverages\/\" \/>\n<meta property=\"og:site_name\" content=\"Barna, Guzy & Steffen, LTD.\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-30T20:46:39+00:00\" \/>\n<meta name=\"author\" content=\"John T. Buchman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"John T. 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