And why it can be costly NOT to do one
Life changes. Kids grow up, learn to drive and go off to college. Jobs change and people retire—and it’s because things continually evolve, that your insurance needs may change, too. So while most folks are concerned with taxes and financial planning this time of year, it’s also important to consider an annual review of your insurance coverage.
If you’ve gotten married, had kids or waved goodbye to your offspring as they headed off to college in the last year, a good look at your personal insurance coverage is in order. For example, for those who’ve just tied the knot or had children, life insurance, especially if you never had a policy, should be considered. If you’ve gotten divorced you may want to look at who you’ve named as beneficiary for your life insurance, etc. Other things to consider:
- • Adding your new teenage driver to your auto insurance
- • Life insurance coverage/beneficiaries
- • Adding new cars, boats, RV’s motorcycles to your policy
Home sweet home
Despite what many folks believe, your homeowner’s policy needs can also change as time goes on. Have you made any improvements to your home in the last year? Added a pool or an addition? Or made a new home office? If you’ve made any major changes that may have added to the value of your home, it’s a good idea to review your homeowner’s policy to ensure you have enough coverage. Things to consider for your homeowner’s insurance:
- • Additions
- • New pool, spa or outdoor patio
- • New roof
- • Updated landscaping, etc.
Another consideration you should take into account is any new valuables that you have acquired in the last year. Have you purchased new computer or home entertainment equipment? Jewelry, cameras, musical instruments, art pieces, antiques and/or sporting equipment should all be insured so in the event of a break in, you’ll be compensated for your losses. Remember, it’s a good idea to take pictures of all insured items, especially those that are family heirlooms or that aren’t being made anymore.
Assessing and adjusting
Even if you feel that not much has changed in the last year of your life, reviewing your home, auto and your personal policies is always recommended. It will help you not only determine if you still need the same level of coverage, but that you are getting the best rates. Your insurance provider should reach out to you each year to set up a review—and if they don’t, it’s good to be proactive and reach out to them. Before you meet, make a list of all changes and anything new that you want to cover. Then, prepare a list of questions related to your coverage. Some topics to discuss:
- • Potential new discounts (retirement, drivers over 25 years, etc.)
- • Bundling policies to save money
- • Raising or lowering coverages
- • Reviewing limitations, inclusions & exclusions.
Doing an annual review of your insurance policies can ensure that you have the right coverage and that any major life changes are taken into consideration. It’s also good to discuss any financial changes that may necessitate a reduction in premiums.
If you are in need of life, auto, home or business insurance, get in touch with us today and we’d be happy to discuss your needs. We have a wide selection of solutions that we can customize for you to ensure you have the appropriate coverage.