The beginning of the new year is an excellent time to review your policies. Whether you're
dealing with homeowners, auto, health, or any other type of insurance, make adjustments to
ensure you have addressed any life changes.
Here are some general insurance tips to help you get started:
Policy Review
Take the time to thoroughly review and understand your insurance policies. Note your coverage
limits, deductibles and any changes that may have occurred over the past year. Ensure
providers have your current contact information, address, and any other relevant details.
Changes in your personal circumstances can impact your insurance needs, including rates.
Bundle Policies
Having multiple companies for multiple types of policies could be costing you money. Consider
bundling multiple insurance policies with the same provider. Bundling, such as combining home
and auto insurance, often leads to discounts.
Maintain Good Credit
A good credit score can positively impact your insurance premiums. Pay your bills on time and
manage your credit responsibly to potentially qualify for lower rates. Premiums aren’t only
based on driving records and accident history alone, credit plays a role in the equation.
Ask About Discounts
Inquire about available discounts. Insurance companies often offer discounts for factors such as
bundling policies, safe driving, home security measures, and more. Student drivers may even
qualify for savings based on their grades.
Consider Umbrella Insurance
Consider adding umbrella insurance to provide additional liability coverage beyond the limits of
your standard policies. It helps provide protection when your home, auto, general liability limit
limits are exhausted. Umbrellas can help protect against claims that may be excluded by other
liability policies including claims for false arrest, libel, slander or coverage on rental units you
may own.
Consider Your Life Insurance Needs
Life insurance is your family’s financial survival plan and ensures your estate is left to the
beneficiaries that you designate. Begin the new year reviewing any private and employer
sponsored plans. Ask if employer sponsored plans allow you to maintain the policy after
termination, including retirement. It is also a good time to enroll in new plans for new family
members.
Understand Policy Exclusions
Insurance policies and regulations can change. Check for any updates or changes in your policy
terms and conditions. Beware of any exclusions in your policies. Understanding what is not
covered can help you make informed decisions about additional coverage or precautions.
Update Home Inventory and Financial Documents
Keep records and documentation of valuable items for insurance purposes. This can include
photos, receipts, and appraisals. Ensure this information is kept in a secure, accessible location
in the event of a claim.
By following these tips, you can start the new year with the confidence that your insurance
coverage is aligned with your current needs, and you are maximizing potential savings and
benefits. If you have specific types of insurance in mind, feel free to ask for more targeted
advice.