The methods of delivering information have certainly changed as technology becomes more prevalent in our lives and the inbox is the center of it all.
Bills are commonly received through email, apps or text alerts with payments being made via websites, scheduling payments through the bank or electronic funds transfer. This means your trip to the mailbox is probably more to retrieve some type of package, or else it is full of junk mail. The same could be said about your email inbox, which gets inundated with spam. If we are not careful, some important things might get overlooked.
Insurance companies have requirements when it comes to providing policy information and billing notices. On policy renewal dates and new declarations pages are sent out showing detailed information on policy coverage and limits. Also included would be any notice of rate or policy changes, as well as other information the company would need to share with policyholders. So no matter the delivery method of the information, be sure to review it for accuracy.
See more: Why Do You Need a Confidential Insurance Review?
Another reason to look over your policy information is that most property policies provide coverage on an Actual Cash Value Basis, which means the property would be depreciated based on age and condition at the time of the loss. Therefore, when the loss occurs, the payout would be on an ACV Basis with the Coverage Amount listed on the declarations page being the maximum. Items such as jewelry, farm and commercial equipment, boats, recreational trailers, and more can fluctuate in value. This means that the coverage limits should be reevaluated on a periodic basis.
I recommend sitting down with your local Farm Bureau agent to review your insurance program on a periodic basis. Your local Farm Bureau agent stands ready to answer any questions or assist you with any changes.
About the author: Allan Williams is director of training and marketing for the North Carolina Farm Bureau Mutual Insurance Company, Inc.
