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The Murphy Insurance Blog


News, updates and useful tips about insurance products and the insurance industry. We also provide insights on community events, local news and information that affect your everyday life. Enjoy!

Spring brings with it the traditional “spring cleaning”. While you’re organizing your home and preparing for the warmer months ahead, it's also the perfect time to give your insurance policies a spring cleaning check-up. Ensuring your coverage is up to date and tailored to your current needs can provide peace of mind as you embrace the joys of spring and summer. Let's explore some essential considerations for your insurance protection this season.

spring cleaningDo I still need comprehensive and collision coverage on my car?

As the seasons change, so too may your driving habits and insurance needs. Take this opportunity to evaluate whether comprehensive and collision coverage are still necessary for your vehicle. Consider factors such as the age and value of your car, as well as your financial situation. Dropping these coverages may result in savings on your premiums, especially if your car's value has depreciated over time. However, it's essential to weigh the potential cost of repairs or replacement against the savings in premiums before making a decision.

Are my summer car and recreational vehicles properly protected?

As summer approaches, thoughts of vacation and adventure fill the air. Whether you're planning a road trip in your summer convertible, hitting the trails on your motorcycle, boating on the ocean or a lake, or embarking on a cross-country RV adventure, it's essential to review your insurance coverage. Check with your insurance provider to ensure your vehicles are adequately insured for the upcoming season.

Is my home covered for its full rebuilding costs?

Your home is more than just a dwelling—it's a sanctuary where cherished memories are made. That's why it's crucial to confirm that your homeowner insurance policy provides adequate coverage for its full rebuilding costs. As construction costs fluctuate over time, reassessing your coverage limits ensures you're prepared for any unforeseen disasters. Consider any recent renovations or upgrades to your home, as these often impact its replacement value. A comprehensive review of your policy can help safeguard your home and belongings against the unexpected.

Do I have enough coverage for expensive possessions?

From heirloom jewelry to state-of-the-art electronics, your possessions hold both monetary and sentimental value. It's essential to verify whether your homeowner, condominium, or renter insurance policy provides sufficient coverage for your high-value items. Conducting a thorough inventory of your belongings can help identify any gaps in coverage. Consider adding endorsements or scheduled personal property coverage to ensure adequate protection for your prized possessions.

Do I have enough liability insurance to fully protect my assets?

Whether it's a slip-and-fall accident on your property or a car accident for which you're held responsible, adequate liability coverage is essential. It’s wise to review your liability limits and assess whether they provide sufficient protection for your assets and future earnings. Consider increasing your limits or adding an umbrella policy to help protect your hard-earned assets from potential lawsuits and increase your peace of mind.

Should I rent out my house or a portion of it for some extra income?

Before deciding whether to rent out all or a portion of your home or a secondary property for extra income, consider how insurance may factor into your decision. Renting out your property can introduce additional risks, such as property damage or liability issues. It's crucial to review your homeowner's insurance policy to see if it covers rental situations and if any additional coverage is required. Not all insurance companies will ensure a home if it’s going to be rented especially for short-term rentals.

College students returning home for the summer or living elsewhere?

Insurance companies require policyholders to provide accurate information about where vehicles are primarily kept or "garaged." If a student takes a car to school, it’s important to update the garaging for the summer to reflect where they are living when they return home or go elsewhere. Also, if changes were made to who is driving vehicles when a student went to college, be sure updates are made to reflect who is driving vehicles even if it’s just for a few months. Failure to do so could result in coverage issues or potential claims denial. Also, if a student's living arrangements are changing, be sure to consider if they may need a renters insurance policy if living away from home.

By considering insurance needs as part of your spring cleaning routine and making any necessary adjustments, you can enjoy the upcoming seasons with confidence, knowing you're prepared for whatever lies ahead.

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