Having a conversation with loved ones during the holidays is part of many families’ treasured memories. While those talks are often filled with remembrances, they can also be used to discuss present-day topics such as family insurance considerations.
Ken Selzer, CPA, Kansas Commissioner of Insurance, offers the following ideas for family discussions.
Confirm your insurance is active and premiums are paid. Do all family vehicles contain a current copy of your insurance card?
If you rent a vehicle for a trip, check with your insurance agent to see if your policy includes coverage. Also, make sure you don’t duplicate benefits from your own policy if you decide to get rental insurance.
Verify that your homeowners or renters insurance covers the theft of personal items from your vehicle, especially if you are planning to transport more expensive items. Many people believe that they already have replacement coverage for items stolen from their vehicles, but that usually isn’t the case.
Know if your vehicle policy includes roadside assistance, such as towing, fuel delivery, lockout service and jump-starts.
Make sure, for those young and old, that important insurance and legal papers are in a secure place that more than one person knows about.
Those family members who take prescription drugs should have a list of those medicines written down and located in a convenient place.
Assess personal insurance needs for yourself and your family. Your needs as an older adult, for example, could be much different than your child’s or grandchild’s. Make sure you know what health insurance coverage you and your family have. What are your deductibles and co-pays? What preventive services are covered?
Plan your expenses for insurance premiums. Chart your premiums and their due dates on a calendar.
In this season of giving, be sure you know the recipients of your financial gifts. Unfortunately, scams abound during this time of year, and the spirit of the season can be the reason that people are defrauded by scam artists.
“Finding time to review these considerations with your close relatives can help to eliminate problems and questions in the future,” Commissioner Selzer said.
Ken Selzer, CPA, is the Kansas Commissioner of Insurance.