News  Insure Your 2020

Consumers often wait until some type of major life event, such as a new baby or a new home, to review their insurance policies. This year, the Office of Consumer Affairs and Business Regulation and the Division of Insurance encourage consumers to be proactive and take steps now to ensure that they are covered in the event of a change or loss.

As you head into the New Year, Massachusetts residents should do the following:

• Review all of your insurance policies. Check with your insurance agent to make sure you have the right coverages. You should also consider purchasing insurance that you may not currently have, such as a flood insurance for your home, or renter’s insurance if you rent an apartment.
• Notify your insurer of any changes. Be sure to mention any changes to your circumstances which may impact your insurance needs. For example, a newly licensed driver or a recent renovation or addition to your home. Likewise, if your children have moved out or your spouse has passed away, your insurance needs may not be as a great.
• Consider optional endorsements. There are many coverages that come standard with an insurance policy, but many others do not. Optional coverages, such as oil leak coverage or collision coverage, will increase your premium, however, in the event of a covered loss, you will be glad you purchased them. Talk with your agent about the optional coverages available to you.
• Know your network. Your doctor and specialists may not always be in your plan’s provider network. Brush up on what your plan covers and does not cover; what your co-pays or other cost sharing obligations may be if you go out-of-network.
• Minimize your risks. Are there tree branches that could cause damage to your home or auto if they break during a storm? Has your check engine light been on for a few weeks? Paying the money upfront to address some risks could prevent needing to make expensive repairs later.
• Know how many and what insurance policies you and your loved ones have. Be sure to keep the policies in a safe location and review them annually.

Consumers with questions or concerns about their insurance coverage can call the Division’s Consumer Services Unit at (617) 521-7794 or visit the Division’s website at www.mass.gov/doi for valuable information regarding all lines of insurance.