As we enter the New Year, many of us do a bit of soul-searching to determine what we can do better – how we can improve our lives, what positive changes we can make. One of the most popular resolutions historically is to get our affairs and paperwork in order once and for all. That is why the beginning of the year is the perfect time to test out your “insurance resolutions” – to evaluate your policies, review any changes which may have taken place in the last 12 months, and make necessary changes to ensure your coverage is adequate and sufficient – whether it be for your home insurance, life insurance or car insurance.
Here are some of our favorite annual insurance resolution tips!
Home Insurance: If you are like many people, you establish your home insurance policy when you purchase or build your home – and rarely think about it from that point on. However, there are many reasons why you should annually review your home insurance policy – you could save money, minimize risk, and avoid big headaches, all by spending a few moments considering the last year. For instance, has your home increased in value? The Florida real estate market is known for its ups and downs, but values have gone up as of late. If you had to rebuild your home in the event of a disaster, is your coverage enough to cover the replacement cost?
You’ll also want to consider any major home renovations you may have performed last year. Some may save you money on your annual insurance premium – such as installing a new roof or hurricane shutters. While others, like a swimming pool, may cost you a bit more in premium – it is well worth adding them to your policy so as not to be caught without coverage if you need it.
Life Insurance: Life moves pretty fast, and if you have had an major life changes in the last 12 months, you’ll probably want to reevaluate your life insurance policy. Whether a new baby, a divorce or a marriage, or an adult child leaving the next – as of these events are likely to affect how you would structure your life insurance benefits. One life event many people don’t consider is an increase in income. If you have gotten a substantial raise or started a new position with a higher salary, you’ll want to adjust your policy to ensure your heirs are properly taken care of should the unthinkable happen.
Auto Insurance: Although it is likely that your auto insurance carrier will know about your new driver even before you think to tell them (they ave access to DMV records) , it is still prudent to reassess your auto insurance policy once per year. Perhaps you will be adding a new driver – or telling your adult kids they are now on their own and taking them off your policy. You may have a new vehicle to add, or it may be beneficial to drop some coverage for an older vehicle. Perhaps you are no longer driving 60 miles round trip to work every day, but are working from home. All of these will affect your coverage premium.
Keep in mind, it never hurts to assess your payments once a year and see if you qualify for any new discounts, rebates or programs. Resolving to work with a professional insurance broker in 2021 is a resolution you won’t regret. At Anderson & Associates Insurance Group, we will make sure you have the coverage you need at the price you want.
Happy New Year from our Palmetto based team of insurance professionals.
we will make sure you have the coverage you need at the price you want.
Happy New Year from our Palmetto based team of insurance professionals.
