Ring in the New Year with Fresh Insurance Review Tips

The new year is a time for fresh starts, new goals, and a fresh look at your insurance coverage. These simple insurance review tips can help you save money and provide peace of mind in the year ahead.

Here are 5 insurance tips to help you get started:

1. Review Your Current Coverage:

• Life Insurance:
  • Have your life circumstances changed? Did you get married, have children, or experience a significant career change?
  • These events may necessitate adjustments to your life insurance coverage.
  • Consider:
    • Increasing coverage: If you’ve taken on more financial responsibilities (e.g., mortgage, children’s education).
    • Adjusting coverage type: Term life insurance may be suitable for younger families, while whole life insurance may be more appropriate for long-term financial planning.
  • Learn more about life insurance options from the National Association of Insurance Commissioners (NAIC).
• Homeowners/Renters Insurance:
  • Have you made any significant home improvements or renovations? If so, you may need to update your coverage limits to ensure adequate protection for your property and belongings.
  • Consider:
    • Increasing coverage limits: To reflect the increased value of your property.
    • Adding specific endorsements: For valuable items like jewelry, art, or electronics.
• Auto Insurance:
  • Have you added a new driver to your policy?
  • Have you made any modifications to your vehicle (e.g., added a new car, installed safety features)?
  • These changes can impact your insurance premiums and coverage needs.
  • Consider:
    • Adjusting coverage levels: For new drivers, you may want to consider higher liability limits.
    • Exploring discounts: For good student discounts, safety features (like airbags and anti-theft devices), or completing a defensive driving course.
• Health Insurance:
  • Review your health insurance plan during open enrollment to ensure it still meets your needs and budget.
  • Consider options like higher deductibles or different coverage levels to potentially lower your premiums.
  • Consider:
    • Evaluating your prescription drug coverage: Ensure your plan covers your necessary medications.
    • Exploring options like telehealth or virtual doctor visits: These can offer convenient and cost-effective healthcare options.

2. Shop Around for Better Rates:

Insurance premiums can fluctuate, so it’s always a good idea to shop around for better rates.

• Compare Quotes: Get quotes from multiple insurance companies to see if you can find more competitive pricing.
• Bundle Policies: Consider bundling your auto and home insurance with the same company to potentially qualify for discounts.
• Look for Discounts: Many insurers offer discounts for things like good driving records, safety features (like airbags and anti-theft devices), completing a defensive driving course, and even maintaining a good credit score.

3. Increase Your Deductibles:

Raising your deductibles (the amount you pay out-of-pocket before your insurance coverage kicks in) can significantly lower your premiums.

• Consider Your Risk Tolerance: Carefully weigh the potential financial impact of a higher deductible against the potential savings.
• Emergency Fund: Ensure you have an adequate emergency fund to cover any potential out-of-pocket expenses in case of a claim.

4. Understand Your Coverage:

Take the time to thoroughly review your insurance policies.

• Read the Fine Print: Familiarize yourself with the terms and conditions of your coverage, including exclusions, limitations, and claim procedures.
• Ask Questions: Don’t hesitate to contact your insurance agent or company if you have any questions or concerns.

5. Update Your Contact Information:

Ensure your insurance company has your most current contact information, including your phone number, email address, and mailing address. This ensures you receive important policy updates and can be contacted in case of an emergency.

By following these simple insurance review tips, you can ensure that you are adequately protected and making the most of your insurance coverage in the new year. Remember, insurance is an essential part of financial planning, so taking a proactive approach can provide you with peace of mind and help you navigate any unexpected challenges that may arise.

Disclaimer: This information is for general knowledge and informational purposes only and does not constitute financial, legal, or insurance advice.

Do you need auto, home, business/commercial, or life insurance? Contact us for a quote today.