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Insurance commissioner: Review insurance checklists for 2021

By Oklahoma Insurance Commissioner Glen Mulready

The start of a new year is a great time to reevaluate your insurance policies. Why now? The calendar change gives us a reminder to do something that we often forget about the rest of the year. It’s like replacing the batteries in your smoke detectors when the clocks change. 

Think about the new “normal” we’re living in right now.

Does COVID-19 have you spending more time at home? Did you have a baby? Get married? Purchase a new home or car? Work on new home improvement projects? If so, you'll want to check whether you have the right policy protection. Take some time to talk with your agent and review your policies to see if they meet your current needs. Even if you haven't experienced a life-changing event, you could be eligible for discounts or new insurance products that may serve your needs better. 

Homeowners Insurance 

When reviewing your homeowners or renters insurance, think about what’s changed over the last year. Do you have new, expensive possessions that you received over the holidays? What about other things you’ve acquired this year? Will your insurance cover the full value of these items if they are damaged or stolen? Also, consider liability coverage. For example, suppose you got a new puppy or a trampoline for the holidays. In that case, you may want to check with your insurance agent or company to ensure that you have the necessary liability coverage. 

This is also a great time to update your home inventory. Take some photos or videos of your prized possessions. Remember to note any antique items and their value so you can talk with your insurance agent or insurance company to ensure that they are properly covered.

Auto Insurance 

Your auto insurance needs commonly change from year to year. Review the list below to see what other things you need to think about when it comes to your auto insurance. Talk to your agent or insurance company to get information and make decisions. 

Make sure your coverage is appropriate for your life situation. Liability is the part of the policy that pays for any injury or damage if you cause an accident. If your liability insurance is too low, it is possible that you could be sued for any damages above your liability limits. 

Review your deductibles for comprehensive and collision coverage. This is the amount you will pay if your car is damaged or totaled without another driver’s fault or by an uninsured driver. Raising or lowering this amount can affect your premium. 

Do you have medical payments or uninsured motorists coverage? These types of coverage pay medical costs if you are injured in an automobile accident. 

What about the outdoor toys? Do you have your boat, boating equipment and recreational vehicles adequately insured? 

For more insurance information, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit www.oid.ok.gov.

The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.