Review Annual Insurance Policies in the New Year

It’s January, so the holidays are behind us and we’re getting back into the swing of things. Therefore, it’s the time when many of us start collecting documents for the upcoming income tax filing season. Since we’re already reviewing last year’s financial situation, let’s take the time to also review our annual insurance policies. The best way to do this is to meet or call your agent to go over your coverage. So, here are a couple of questions you’ll want to ask yourself.

What major changes have I had in my life?

Did your marital status change? New baby in the family? Become an empty-nester? Got a new job or started a new business?

These events, and others, all affect your home, auto, life and health annual insurance policies. Life insurance is a must-have if you’ve had a baby. If your child is out on their own, they’ll need their own auto insurance policy. Your homeowners insurance policy might not cover a new business in your home.  A newly licensed driver increases your liability risk and you might consider an umbrella policy. Check with your agent to see what changes you need to make.

Did I get any new stuff, or get rid of any old stuff?

Did you get engaged and have a shiny new diamond? Significantly improve your house? Have you bought any new “toys” like an ATV or boat? Did you downsize your possessions or home?

Some property is limited in coverage on your homeowners policy, such as jewelry, furs, or firearms valued at more than $1,000. A home addition will increase the replacement cost and you’ll want to make sure your coverage will meet that. A tow-behind camper needs to be added to your auto policy for physical damage coverage. Depending on the size of that new tractor, it might not be covered under your homeowners policy. It’s also possible that you might be carrying coverage you no longer need, and we can help you save money by reviewing your annual insurance policies.

Things happen. We don’t like to think about it, but we do want to be prepared for it. We know that many people find this sort of exercise boring or painful, but it’s what we love to do. So, whether you carry your insurance with us now, or would like to see what we have to offer, give us a call or chat with us online to review your policies. We want to help you review your insurance policies in the new year.