Victoria Secret isn't the only organization putting a semi-annual event together. It's time for the semi-annual insurance check-up at Lazy Man headquarters. Admittedly, it's slightly less sexy than Victoria's event, but our budget for pulling it off is around $15, enough for a couple of Subway subs and some drinks.
Every 6 months (or so), my wife and I gather to review our insurance policies. It's about as much fun as it sounds, which is "not very." It's not like doing a quarterly net worth update and seeing progress towards our savings.
For many people, a semi-annual insurance check-up is probably an easy thing. You've got your home, car, life, maybe an umbrella policy. You probably get health insurance through your job. Maybe it's just me, but I think we have it a little more complicated than most. We have:
- Home Insurance - As we own three properties, we have one policy for our primary residence and two more landlord policies protecting the other properties. Even when it is one type of insurance, the various requirements are completely different.
- Car Insurance - We currently have three cars, which is really one too many for our needs. That extra car costs us more with insurance payments and it's on the docket to fix that soon.
- Life Insurance - My wife gets some life insurance from the military. We were going to get her more, but it seems that insurers didn't want to give a policy to someone who was pregnant with Little Man. Also since weight is a factor in the premiums, it just seemed like the wrong time to add to it. I was able to get life insurance for myself. Now I'm thinking about upping it, but I wonder if that will trigger a new exam and put me on higher premium level. That's a phone call to make.
- Umbrella Policy / Business Insurance - When I was freelancing for a company they required me to get this insurance to cover themselves in case I purposely did something stupid. I'm glad they did. It doesn't that much and it's nice to know that it is around.
- Diamond Ring Insurance - This is actually just a rider on our property insurance, but it's another thing that needs to be insured.
The last one was particularly interesting as during one of these checks we found that we had been paying two companies to insure my wife's diamond ring. She thought it was her responsibility to pay for the insurance and opened up something. I had already put it on property insurance for the condo that I had owned when we came into the marriage. It was with two different companies so it wasn't something a company would have picked up on.
Typically our review isn't much more than taking the above inventory and then calling our insurance company to run through everything and see if we have any gaps somewhere. We're down to three insurance companies for everything, but hopefully we'll consolidate further so that one representative can give us a complete view in the future.
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