BOSTON (CBS) – Often we do the paper shuffle so frequently that we lose some of our important papers. I heard from one listener who keeps things in piles and then systematically throws out the piles. Not sure that’s really a good or efficient method for filing your stuff.
I have learned over the years that it is often the insurance papers that tend to get misplaced or worse, tossed out. Maybe because they don’t always need our immediate attention.
However, many of you keep everything that comes into your home. So I would suggest it’s time to spring clean your files. Gather up all of the insurance policies you have in your files. Sort by type of insurance first. For example, homeowners, renters, health, auto, life. Then check to see how many are outdated. You do not need your auto insurance policy from 2011 unless you had an accident and may still have a claim or are fighting the points. Or that health insurance policy from your last job.
If you have insurance through your employer get copies of the policies for your home file. If something should happen to you, your family can easily find the important insurance policies if they are all in one place. If they are stored at work, they may not have access to them or your work computer.
Once everything is organized take the time to review the policies. What do you really need? Why did you buy the insurance? We are often sold insurance by a sales person using a scare tactic.
Bad things do happen to us and we do need to protect the people we love but there is a need to be practical here as well. So if you are buying insurance take the time to compare prices. I just got a letter from an insurance company telling me that because I drive a Volvo they will give me a discount on my car and homeowners insurance.
You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.
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