DENVER, Jan. 4 - Have you already broken your New Year's resolution? If you have, you're not alone. According to a recent British survey, one out of three New Year's resolutions is broken within the first week. One annual resolution that is easy to keep, and takes no special will-power or trips to a gym — review your insurance coverage. AAA Colorado has designated January as Insurance Review Month to remind everyone that an annual review of all insurance coverage is critical for safety, security and peace of mind. Following are some tips on insurance from AAA Colorado, one of the largest agencies in the state specializing in personal lines insurance. 1) Did you make a major improvement to your home in 2006? If so, then it's time to review your coverage to make sure it has kept pace with any improvements that have increased the value of your home. 2) Most homeowner's insurance policies cover the structure of a home and its contents. However, some policies may not always offer adequate coverage for personal liability, which will protect you if someone is injured on your property and you are liable for medical expenses. Liability coverage typically provides up to $100,000 in coverage, with higher levels of coverage available depending on individual need. 3) Be prepared in case you have to file a claim. Prepare a household inventory by photographing or videotaping items. Keep receipts for valuable items. Keep copies of documents and information in a safe place outside your home. 4) For those who rent, Renters and Condo insurance can be surprisingly inexpensive for protecting your home's contents in case of fire or robbery. 1) Establish the appropriate amount of coverage beyond the final costs such as funeral expenses. Regardless of which spouse is the primary earner, both need to carry enough coverage to replace any lost income or rise in household expenses if one were to die. 2) Consider adding protection to cover at least six months of emergency living expenses, the sum of all outstanding debt, and the cost of college education for all children. 1) Is you insurance company financially solid and able to support claims? 2) Does your current insurance offer competitive rates? 3) What discounts are offered and is your insurance provider giving you all the discounts you are eligible for? 4) What level of customer service does the current insurer provide? Is there 24-hour claim service available with a knowledgeable staff that can answer all of your questions? 5) Review the liability limit on your insurance to make sure that it provides adequate protection. Talk to a trusted insurance agent to determine if your liability is below where it should be. For more insurance information visit www.rmiia.org, website for the Rocky Mountain Insurance Information Association, a non-profit insurance communications organization; or www.aaa.com and click on "Insurance/Financial." AAA Colorado reaches one in four households in the state and is an advocate for safety and security for all travelers. As North America’s largest motoring and leisure travel organization, AAA provides its nearly 49 million members with travel, insurance, financial and automotive-related services, as well as member-exclusive savings. ###
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