The New Year is almost here, and with it comes the perfect opportunity to reflect on the past and plan for the future. Life changes quickly, and those changes can mean your existing policies no longer offer the protection you need as you move into 2025. Before something happens and you learn that your policies lack proper protection, it’s time to consider whether recent or upcoming life events might warrant an update to your coverage.
Marriage or Divorce
Big changes in your relationship status equal similarly big changes to your financial, familial, and legal responsibilities. For those getting married, you might need to combine existing policies for home, auto, or health insurance. Bundling coverage can often lead to savings, and it’s also a great time to review life insurance policies and update beneficiaries, as well as estate plans. If you and your spouse are pooling assets, you’ll want to protect this new, greater sum under an updated policy.
On the other hand, divorce may require separating policies and entering the world of coverage that focuses simply on what is best for one singular person. In addition to vehicle and home coverage, you should review existing liability policies and see if they still need to be renewed. If children are involved, you’ll need to work out health and life insurance arrangements that align with custody agreements, too.
Buying a Home and Protecting Your Biggest Asset
A new home is something to be proud of, but don’t forget that it’s also a significant asset that needs particular coverage and lots of TLC. Homeowners insurance is a must, and in Florida, you might also need supplemental coverage, such as flood insurance, to protect against hurricanes fully, as we saw with Milton and Helene. Standard homeowners insurance doesn’t cover flood damage, and reviewing your new home’s flood risk is a great habit to form.
And don’t forget about bundling opportunities. Many insurance providers offer discounts for combining home and auto insurance, so even if you haven’t made any vehicle upgrades lately, it’s worth it to review your options.
Career Changes in 2025
If you’ve moved to a job with a different benefits package or lost insurance previously provided through your company, you may need to supplement your coverage. For instance, if your new employer offers minimal health insurance, private plans might offer better coverage or simply shore up some of your plan’s deficiencies.
Similarly, income changes due to a new job can affect your life insurance needs and even opportunities. A higher salary might mean increased financial responsibilities, which would warrant higher life insurance coverage. Whatever new situation you find yourself in, some form of policy adjustment is likely warranted.
Retirement or Downsizing
Retirement is a time to relax, and relaxation is better achieved when life is simple instead of cluttered and stressful. Downsizing your home or moving to a new location often means your homeowner’s insurance needs will change. Plus, if you’re no longer commuting, you might qualify for reduced auto insurance premiums—another way to simplify your life and make retirement easier to manage.
In addition to downsizing and reducing some coverage, it’s also likely that older Floridians will need to take a look at their health insurance plan. Whether you’re transitioning to Medicare or considering supplemental plans, always keep in mind your long-term plans and find an insurance policy that assists you in reaching every future goal.
As you make your resolutions and plans for 2025, don’t forget to include an insurance review on your checklist. Contact Anderson and Associates Insurance Group today to speak to our team, take a look at new insurance opportunities, and start the year with peace of mind.
