A new year often causes people to assess and make necessary changes to get them where they want to be over the next 12 months. One great goal for the new year is to reflect on the previous year and review your personal insurance to ensure you are adequately covered. A lot can happen in a year, and it is important that life changes, purchases, and other financial decisions that have been made are all protected from loss when things go wrong. Creating the habit of reviewing and updating your insurance policies to reflect your assets and lifestyle each new year is a great practice.
Put All of Your Documents in One Place
A great place to start is to locate your documentation to ensure you have all of your insurance documents. It can be rather frustrating and a delay in filing your claim if you are unable to find your documents when it becomes necessary. You should have your carriers claim information and your agent’s contact information easily accessible at all times. The majority of the time, if you are needing to file a claim, the last thing you want is to have to scramble around and look for insurance information. Designate a specific file and keep all of your information organized and safe at all times.
Perform a Policy Review
After you have located and organized your insurance documents, it is a good idea to read through each policy to review your coverages, limits, endorsements, and exclusions. Insurance needs change at every stage of life. Ask yourself if the coverage you currently have is still relevant in the new year. Consider any changes made over the previous year and make note of any changes that require attention in regards to insurance coverage.
Look at your financial goals for the year in terms of saving and spending. Most insurance policies offer flexibility when it comes to choosing your deductible. If you are looking to cut cost in the new year and if you have cash on hand, you may consider increasing the amount of your deductible to save on your premiums. It is best to sit down with your agent and look at your options for savings to determine what works best for you.
Consider if your automobile use has changed or will change in the new year. Have you added new drivers? Are you now parking in a parking garage, where before you were parking on the street? Perhaps your commute is shorter or longer or you now carpool with others. If you have moved, consider if your new location will mean a change in the weather conditions you will drive in. These are things that can affect your auto policy as they increase or decrease your risk. A change in the annual mileage and the use of your automobile should be discussed with your agent. If you are driving less, this could mean cost savings for you. If you will be driving more in the new year, parking in a less secure area, or driving in hazardous weather, you may consider adjusting your coverage and limits due to an increase in the risk you face as you are on the road.
It is essential that you update your home inventory every year, as well, to ensure you have appropriate limits set for coverage of your contents. Especially since the gift season has just passed and you may have added valuable contents to your personal items, the new year is a perfect time to review home insurance coverage. Remember that any major changes to your home should be discussed with your agent to ensure you have adequate dwelling coverage. Home improvements, such as adding a security system or installing a new heating system, can often decrease your insurance rates.
Keeping all of your insurance policies up to date is important to ensure you have the right limits and coverage. An annual insurance review can help you determine if your insurance coverage is sufficient for you as you start the new year.
Q1 is the perfect time to review your coverages. Life happens, things change and you want to ensure you are properly covered.Contact us, even if you aren't a current client, for a policy review.For more, visit http://bit.ly/2RNkFXa
Posted by Pablo Beach Insurance Group on Wednesday, February 6, 2019
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