As the year comes to a close, it is time to reflect on what worked and what didn’t. What resolution(s) did you keep and which ones fell by the wayside?
As you take stock of the year behind and prepare for the upcoming year, one of the best and easiest things to accomplish is to check out your insurance policies and decide what should change.
Insurance is not a one-time event and January 1 is an arbitrary date that works as well as any. As your life changed and evolved over the last year, your insurance should follow suit. Insurance needs to change to fit your circumstances—regardless of auto or home or health.
You want that level of security knowing your home, car and belongings are fully protected. The new year is the perfect reminder to look for gaps and discover where your policy needs updating.
But what is the best way to accomplish? Afterall, you have other resolutions like that diet and more travel to get after. But before we lose the momentum of the new, fresh year of possibilities and slip back into old habits, take care of your insurance review and mark yourself accomplished!
First, start with an inventory of your home or apartment and consider replacement cost vs actual cash values. List the items, citing descriptions, values and itemizations.
Don’t forget your jewelry and antiques. Second, try to estimate what the cost would be to rebuild if your home were destroyed by some disaster (think flood, fire, wind, rain). And don’t forget to consider what costs are involved while your home or apartment is uninhabitable during rebuilding.
Third, consider your liability—what is your financial responsibility if someone is injured or worse on your property.
Finally, don’t lose this information.
You will need this in the event of a claim and also as a starter for each time you review your insurance needs. But don’t stop there. Could you pay less for your auto insurance? Check your coverage and your deductibles. Can you get discounts for bundling or good driving?
What about your life insurance policy?
Does it really protect you and your loved ones? Check the face value or cash value of your policy and the term limits. Do the beneficiaries need to be changed? Most importantly, have there been life changing events this past year that require changing policy levels?
Lastly, do you have any umbrella policies or should you get one? If your home and auto policies become exhausted, an umbrella policy could continue the coverage. And that additional help can ensure your keep your home, keep your wages from being garnished and keep you out of court.
Now, you will have a fairly accurate idea what your insurance would need to cover.
Contact your agent so they can provide the right advice and the best policy for you. Remember, your time is your most valuable asset. You don’t have to wait for the new year to do these things, but it certainly is a great time to get insurance fit. Contact us today to start your new year insurance resolutions.