“Annually reviewing your insurance policies with your professional independent agent will help ensure that you are adequately covered and can help you to save money,” says Cindy Steinbach, Mayville Insurance Agency.

To save on homeowners insurance:

• Update your home inventory to reflect any major purchases and let your professional independent agent know if you’ve made any major additions so they get an accurate representation of your situation and the coverage you need.

• If you are in the market, purchase a newer home. You may be charged a lower rate because it’s electrical, heating and plumbing systems, as well as the overall structure are typically in better shape than an older home.

• It is usually not necessary to insure the land your home is built on. In the event of a disaster, the land will most likely remain. Only insure your home, outbuildings and your possessions.

• Adding deadbolts, home security systems and smoke detectors can lead to a discount from some insurance companies.

To save on auto insurance:

• See if you qualify for a low-mileage discount (if you drive less than a certain number of miles each year) or a discount if you use your car for pleasure only.

• Maintain a clean driving record.

• Purchase a low-profile vehicle that isn’t likely to be a target for thieves. To view a list of the “Most Stolen Vehicles”, visit the National Insurance Crime Bureau’s website at https://www.nicb.org/HotWheels/index.html.

For savings on life insurance:

 • Find out the rate per $1,000 of coverage, which often drops as the amount of coverage increases.

 • Start or maintain a healthy lifestyle. Quit smoking, exercise, and eat a healthy, balanced diet.

• Compare the single annual payment price to the total cost of the monthly payments. Monthly payments may cost you more than paying the premium up front.

“For all types of insurance, make sure your credit is in good shape because it is a factor companies use when determining your rate,” says Steinbach. “Try to purchase policies from the same company. If you have your home and auto insurance through the same company, you may qualify for a multiline discount. Increasing your deductibles can help you save on your premiums; if you can afford to cover the larger deductable if something happens. Your professional independent agent can help determine the policy for your situation.”

When you travel, either for a vacation or business, your focus is usually on purchasing airfare, making hotel reservations and figuring out what to do once you get to your destination. But if you aren’t reviewing your insurance policies before you leave, you may be putting yourself unnecessarily at risk in the event you get sick or in an accident.

“Take some time to review your auto and health insurance policies with your professional independent agent before leaving to ensure that you will be covered in an emergency, and are not paying for extra coverage you may not need,” says Cindy Steinbach, Mayville Insurance Agency.

Steinbach continues. ” Rental car insurance is an area where you may not have to pay extra coverage if your  regular auto policy extends collision and comprehensive coverage to rental cars in any state or country. Your professional independent agent can tell you if you are properly covered. Those without a comprehensive auto policy may rely on the coverage provided by their major credit card or through the loss damage waiver they can purchase through the rental car company for coverage. However, these options may not provide full coverage and will have exclusions so it is very important to read the fine print in the contract.

“If you have suffered a loss that isn’t covered under your auto policy, it might be covered under one of your other insurance policies. For example, if personal property has been stolen from your rental car, it may be covered under your homeowners or renters policy.”

When traveling within the U.S., most auto and health insurance policies will be sufficient to protect you while you travel. Your professional independent agent will be able to let you know if there are any gaps in your coverage. But when you travel internationally, these policies often aren’t enough to provide you with adequate coverage.

“Purchasing a travel insurance policy, through a reputable insurance company, should cover you in the event of an emergency overseas,” says Steinbach. “Typically, a comprehensive travel insurance policy will cost five to seven percent of the price of your trip. One of the biggest benefits of purchasing this coverage is the emergency medical evacuation. The costs to airlift you off a cruise ship or even to a different hospital can climb as high as $50,000, which you would be responsible for without this coverage.

“Another advantage is the 24-hour telephone assistance that many travel insurers provide. They can help you find a local pharmacy, get a replacement set of glasses, find an English-speaking doctor or reputable hospital and more.”

Ask your professional independent agent about purchasing a full-overseas insurance pack. These packages can cost less than $50 per person for seven days of coverage and typically include emergency medical evacuation, emergency medical and dental, accidental death and dismemberment, repatriation of remains, visitor to bedside and return of dependent children, pre-existing condition waiver, lost/damaged baggage, rental car protection and trip cancellation/delay/ interruption/default.

Anyone you hire to help around your house, such as the neighbor kid who mows your lawn, a babysitter, a contractor or other outside services, opens you up to potential legal headaches. If anyone performing work on your property is injured, you may be financially liable for the person’s injuries and disabilities.

“Many homeowners assume that their homeowners insurance policy will protect them if someone is injured on their property,” says Cindy Steinbach, Mayville Insurance Agency. “That is not necessarily true. Contractors such as builders or landscapers should be covered through their own workers’ compensation policy. However, if they do not have coverage, you would be held liable. That’s why it’s important to thoroughly check out any contractor you have work on your property.”

“Some homeowners policies may provide limited coverage for minors that mow the lawn and even domestic workers like maids or nannies. If yours does not, it might be a good idea to purchase an umbrella liability policy to supplement your homeowners insurance. Discuss your policy and your needs with your professional independent agent to determine whether or not you are adequately covered.”

“Homeowners should not rely on current market value or city tax appraisals to determine the amount of homeowners coverage needed,” said Cindy Steinbach, Mayville Insurance Agency. “Homeowners need to consider rebuilding and replacement costs when determining coverage.” With the hurricanes and floods of the past few years, building product costs have skyrocketed- especially wood and shingles. In addition, a home’s contents are typically insured at “actual cash value” in a basic homeowners policy. For example, if your television or computer is several years old, you would be reimbursed for their depreciated value, not for what it would take to replace them. “We recommend purchasing ‘replacement’ coverage for your personal property, it costs slightly more than ‘actual cash value’ but it ensures that you will be able to replace your current possessions with the latest models,” noted Steinbach. Another common issue is that homeowners will remodel their basement or enclose a porch and not alert their insurance agent about these changes. And, if you have a home office, your typical insurance policy will only provide limited coverage.Following is a list of guidelines to help you maintain adequate insurance coverage.

1.  Contact your insurance agent when you make big home improvements such as building a deck or remodeling the kitchen or bathroom.
2.  Meet with your independent insurance agent at least once per year to review your homeowners coverage and the limits you have on contents.
3.  Purchase insurance “riders” or “endorsements” for fine artwork, jewelry, coins, antiques, guns and other valuables. A homeowners policy typically limits the payments on these personal items.”We recommend homeowners take photos or videos of the contents of their homes, particularly any collections, artwork or jewelry. Then store the video and photos in a safety deposit box or off-premise safe,” said Steinbach. “This can help the claims process immeasurably as you took the time to document what you own.”

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