Insurance is one of those things we purchase and then tend to forget about until we need it. However, I think it’s something you should revisit every few years because prices change as well as your needs. This is especially true of car insurance. As a car ages it needs less coverage. Additionally, you should always check insurance rates. We switched from Plymouth Rock to Progressive this past year and saved almost $100/month. It sounds daunting to change insurance companies because car/home insurance are often bundled but I promise you it was quick and relatively painless. The company you are switching to wants to help you switch and that includes sending documentation to your old company. It took me a few hours total to switch and I wish I’d done it sooner.
Please pay close attention to your homeowners policy and make sure it will actually cover the value of your home and your belongings. My parents lost everything in a house fire years ago and while it was a huge tragedy, having good homeowners insurance made the process of finding a rental home, purchasing a new home and replacing their belongings much easier.
For jewelry insurance, you can absolutely do this through your homeowners and I know most people do. However, depending on the type/amount of jewelry you have, you might want to consider a separate policy. We use Brite & Co to ensure jewelry and so far it has been a great company to work with. You do need a detailed receipt/appraisal for each piece you insure but they cover theft, loss and damage. I also found it was a lot cheaper to insure my jewelry this way than it would have been to cover everything under my homeowners policy.
Another type of insurance to consider if you have pets, especially dogs, is pet insurance. This is our first time purchasing pet insurance but we have a very large dog and thought it was a good idea to take out insurance. So far thankfully we haven’t had to use it too often (just for minor things) but it is basically a safety net if anything catastrophic ever happens to your pets. I would recommend either purchasing pet insurance or having a pet savings account that you contribute to every month.
Life insurance is also important if you own a home/have children. This will ensure that your spouse/kids are taken care of in the event something happens to you. I would start with your employer and see if they offer any type of insurance you can purchase as it is usually the cheapest but will often have a low cap compared to our life insurance companies.
Do you have any questions about insurance?