Ask Perk Reichley
Over the years, I have been asked about many different kinds of insurance questions. I thought it might be interesting to start sharing these questions and my responses. Remember, there is no bad or wrong question. If you have a question, send it to me, I will be happy to answer it for you.
Are there unique kinds of insurance I might need?
It is our hope and desire that you never need to make a claim, but if you do, you want the best possible combination of coverage, price, and service. Here are some added coverages you might want to consider.
- Flood
- Earthquake
- Higher limits on jewelry
- Identity theft
- Coverage for collections, art, guns, and coins
- Personal umbrella liability
- Coverage for back-up of sewers caused outside the home
How often should I review my personal insurance program?
We recommend an annual review of all your personal insurance needs. This might be a call or face-to-face meeting, depending on your needs.
If you have made some life changes, we always recommend a review at that time. Some life changes that will affect your personal insurance include:
- Change in marital status
- Birth of a child
- Purchase of a new car or any other major purchase
- Planning international travel
- Children heading off to college
- Working form home
- Retirement
- Job change
Should I ever consider increasing my deductibles?
Changing your deductibles on your auto or home insurance depends on your risk appetite. It is true that increasing deductibles will save you money, but there are other factors that you might also consider.
- How much increase is desired?
- Do you have a history of losses?
- Do you have the financial resources to handle it?
- Is the cost-benefit worth the risk?
House prices have been skyrocketing in my neighborhood lately. Should I increase my limits?
A hot real estate market doesn’t actually impact your home rebuild cost or replacement cost. That number is based on the raw materials and labor it would take to rebuild it with like kind and quality.
