Getting Financially Organized This January

Getting organized is one of the top New Year’s Resolutions each year.  And while you might not be ready to organize your entire house, here are a few things you can do to quickly organize your finances!

Review Your Statements - Look over your bank and credit card statements for the past year.  While it’s great to check for mistakes on a regular basis, this time you’re looking for things that you pay for each month.  Those recurring monthly charges or fees can cost a lot if you’re not actually using the service.  Look for anything that you can cancel in the new year and put that money in savings instead!

Check Your Credit - You should check your credit report at least once per year.  You’ll want to look for mistakes as well as see your credit score to determine how healthy your finances are.  Use a website like www.annualcreditreport.com to request a free copy of our credit report.  Sites like Credit Karma are also an easy way to estimate your credit score.  Your credit card company may also offer credit monitoring services.

Backup Your Computer - This might not be directly related to finances, but it’s a good reminder anyway!  Take a few minutes to back up your computer, phones, and photos. Use a tool like Dropbox or iCloud to securely backup your documents.

Getting organized doesn’t have to be difficult!  Take care of these quick tasks and be on the road to financial wellness in 2016.

Want to save money on insurance while you’re at it?  Give us a call to request a free quote. 

Dawn Johnson and Jerilyn DiCanio are licensed agents at van den Heuvel & Fountain in Augusta, NJ.  Contact them today for a no obligation quote on your home insurance at 973-948-3200.

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

5 Biggest Mistakes When Buying Insurance

Insurance can be a tricky purchase.  Auto lienholder happy?  Check.  Mortgage lender happy?  Check.

But this simply isn't enough!  Some things on your insurance policy deserve a little more attention.  As an insurance agent, here are some of the BIGGEST coverage mistakes I’ve seen.

Mistake #1:  Buying Only The Required State Minimum Liability Insurance

Every state has a minimum amount of liability insurance that is required in order to drive.  But it’s typically no where near enough coverage!  Choosing only the minimum liability insurance could leave you open to a lawsuit, garnished wages, or potentially losing an asset, like your home.

Discuss different liability amounts with your agent to see what is necessary based on your income, net worth, and liabilities.  (Another bonus?  It won’t near as much as you might think!)

Mistake #2: Not Insuring Your Home For Replacement Cost

Many people think they only need enough coverage to insure their home for the amount they paid for it.  Not true!  You need to be insured for the amount of money it would cost to REPLACE your home.

If a fire or tornado destroyed the house, you would need insurance to replace it.  The total cost could be tens of thousands more than the house would have sold for on the market.  If you’re currently only insured for the cash value of your home, you could be at risk!

Mistake #3: Buying Life Insurance Through Work

Most people tell me that they have life insurance through work and aren’t interested in purchasing their own coverage.  This is also a mistake.

The problem?  The majority of us don’t stay at jobs for 30 years anymore.  And if you develop health issues and leave your current employer….you might not be able to get coverage again!

When you purchase your own life insurance (which is extremely affordable), you are covered no matter where you work or what health problems you might develop in the future.  It’s the smarter choice!

Mistake #4: Buying The Cheapest Policy

It’s tempting to shop for insurance and just pick whatever is the cheapest, but it’s usually not the best idea.

First you want to make sure that you’re buying from a reputable company.  You want a solid insurance carrier that you can trust to pay your claims.

And you want to make sure you’re comparing apples to apples.  Does the cheaper policy only insure your home for cash value instead of replacement cost (like mistake #2)? Does one company exclude water leaks but another cover them?  Big details can be hidden in the small print!

Mistake #5: Not Using An Agent

Best way to avoid ALL of these mistakes?  Work with an insurance agent!

We know all about insurance and can find the right coverage for your specific situation. We’ll make sure your liability limits are high enough, that your home will be replaced after a loss, that you won’t lose your life insurance when you change jobs, and that you aren’t buying an inadequate policy that doesn’t protect you.

Call us today for a quote!

Dawn Johnson and Jerilyn DiCanio are licensed agents at van den Heuvel & Fountain in Augusta, NJ.  Contact them today for a no obligation quote on your home insurance at 973-948-3200.

 

Image courtesy of Stuart Miles at FreeDigitalPhotos.net