As the weather starts to warm up and the school year comes to an end, you’re probably looking forward to your summer vacation. While searching for the perfect get-a-way location or great rates on flights and hotels, you should also keep insurance planning on your to-do list.
There are many things to consider, including securing your home while you’re gone and making sure you have the right coverage when renting a car or vacation home.
The good news is you may already have the coverage you need. The best way to start planning any trip is to call your insurance agent. They will be able to tell you what coverage you currently have and suggest additions that make sense for your trip. Here are some things to talk with your agent about:
Current Homeowners Policy
If you haven’t reviewed your policy lately, it may be a good idea to do so with your agent. If you have purchased any high-value items recently, you’ll want to see if they need additional coverage. If something happens to your home while you’re away, you should be sure all valuable items are covered, such as jewelry, art, collections, and electronics.
Rental Car
Don’t wait until you are at the rental car counter to find out what your current auto insurance will cover. You’ll be faced with many optional insurance offerings, and it’s important to know your policy to make an informed decision. First, call your agent to see what your current policy will cover. Then call the credit card company you’ll be using to pay for the rental and ask if using your card includes any coverage.
Off-Premises Coverage
You’ll most likely bring valuable cameras, phones, tablets, or jewelry along on your vacation. It’s important to find out what your current policy covers while you are away from home. In the event of a fire, theft, or if you simply lose something, you’ll want to know your belongings are covered.
Identity Theft
While traveling you may be at a higher risk for identity theft. Always be aware of where your personal belongings are and use hotel safes to lock up passports, tickets, and credit cards. Avoid using your credit card number on public computers and public Wi-Fi. The costs of restoring your identity and repairing credit reports can add up quickly, so be sure to ask your insurance agent if you need to add an endorsement for identity theft insurance.
Deductible
Regardless of coverage, it’s important to know your deductible, which is the amount you’ll pay before your insurance kicks in. Also, be sure to ask if items are covered for their “actual cash value” or on a “replacement cost” basis. Actual cash value covers the depreciated value of the item, not what you originally paid for it, and replacement cost coverage will cover the cost of replacing the insured item, with no depreciation subtracted.
