The beginning of a new year gives us all the chance to reflect and begin making plans to better our lives. If you want to make a some changes that you know you will benefit from, take a look at your insurance policies. While making your resolutions this year, don’t forget to include an annual insurance review to ensure all of your policies are up to date and you still have the right amount of coverage. Here are some important considerations to make when you are reviewing your auto, home and life insurance policies.
Many people allow their car insurance policy to renew every year without taking a second glance. With every year that passes your car’s value decreases, so it’s important to clarify the value of your vehicle. To ensure that you’re not spending more than necessary on auto insurance, compare your premiums to the actual value of your car to determine if your coverage is cost effective. If you plan on purchasing a new vehicle, researching premiums beforehand can help influence your decisions and get the best bang for your buck.
The beginning of a new year is a great time to review your home insurance policy. Consider any renovations or upgrades you made to your home in the past year. Did you remodel your bathroom? Major home improvements can increase the value of your home, but can also hike up the cost of rebuilding your home in the event of damages. Did you treat yourself to a new flat screen tv for Christmas? Your homeowners policy protects valuables from loss or theft, but only up to a certain limit. Coming up with a list of upgrades you’ve made to your home will help you and your broker determine if your existing insurance policy will cover any potential claims.
Is 2019 the year you retire? Are you planning on getting married? Are you expecting a new baby? Were you diagnosed with a serious medical condition in the past year? If you answered ‘yes’ to any of these questions, you should get in contact with your insurance broker to discuss your life insurance needs. Evaluate your policy and make sure that it offers the amount of coverage you need to protect yourself and your beneficiaries in the event of a major life change.
Ultimately, you may not need to make any changes to any of your insurance policies, but it’s always wise to meet annually with your broker and make sure you have the coverage you need and want.
If you are unsure of what your policy includes or want to make updates, get in touch with us today.