As another year comes to an end, it’s good to take stock of changes in your life or lifestyle that will affect your insurance protection in the New Year to come. The end of the year is a good time to conduct an insurance review to see if your policies still reflect the coverage you need or want. If changes are in order, it’s best to make them now so you can face the New Year with confidence knowing you’re fully protected against any eventuality.
Aspects that can Impact Insurance Coverage
Numerous aspects can impact your insurance coverage. Lifestyle changes such as marriage, divorce, the birth of a child, the start of a business, the death of your spouse or retirement can alter your coverage in many of your policies. If you’ve made major decisions concerning the sale of a home, upgrading a vehicle, moving to a new location, paying a mortgage, renovating your home, caring for aging parents at home or changing jobs, you’ll undoubtedly need to update your policies (or even purchase new ones) to meet your protection needs.
Steps to Performing an Insurance Review
First, we recommend you perform your review with your licensed insurance agent. Whether they help you perform the entire review, or come in at the end to double-check everything, having their expertise is critical to ensure you are properly covered.
Facilitate your insurance review by gathering all your documents in one place so you can assess them at the same time. Make sure you’re aware of all your insurance providers, if you have different providers for different policies, and keep your agents’ contact info within easy reach. Good organization will make it easy to reach key personnel if you want to alter your coverage or file a claim. Make sure your documents are kept in a safe, secure location and that you have copies off site in the event originals are lost in a fire or other disaster.
When conducting your review, take time to peruse through each individual policy, checking the coverage, policy limits, endorsements, if any, and exclusions to your coverage. If your policy is still relevant, make note to continue your coverage and move on. If changes need to be made, make note of how to update your policy to reflect the protection you desire so you can discuss these changes with your agent(s) when the time comes. When altering your coverage, consider how life or lifestyle changes will impact you in the coming year to ensure you’re adequately protected against the unexpected.
Importance of Insurance Reviews
Reviewing your insurance annually serves two important purposes:
- It ensures you have adequate insurance coverage to protect your interests in the event of a disaster
- It ensures you’re not wasting money on coverage you don’t need
Your insurance coverage should hit the mark in providing relevant, up to date protection at an affordable cost. No one wants to pay extra for “fluff.” By working with experienced insurers you trust, you can have greater confidence in receiving quality insurance protection for every aspect of your life.