Here we are again! A new year is upon us, making it the perfect opportunity to check that all of your insurance coverage policies are up to date. While last year may feel like it’s gone by quickly, the truth is a lot happens during 12 months, and analyzing your coverage will help you fine tune your various policies to be certain they accurately reflect your wants and needs.
New Year, New Insurance Coverage Checklist
Auto Insurance
As your car ages…
If you are driving the same car that you were last year, chances are you might not require all of the coverage you did when you first purchased the vehicle. Do some research to figure out what the sales value or trade-in value is of your car so your insurance agent can help you determine what coverage you truly need.
Changes in income…
If you’ve been blessed with an increase in income this past year, you may need to expand your liability coverage to be sure you are fully protected financially.
High risk drivers…
If you or someone on your policy is a high risk driver, has incurred a DUI or many driving infractions, they may need SR-22 insurance to comply with local legislation.
New year, new drivers, new cars…
Did your teen just get their driver’s license or permit? Did you trade in your vehicle for another one? Check with your insurance provider to ensure that you have the proper coverage for any new set of circumstances.
Homeowner’s Insurance
Track your home improvements…
Have you updated your kitchen, maybe you’ve added an addition or finished your basement into livable space? Report any home improvements you’ve made to your insurance agent so your coverage can reflect the proper home value.
Create a home inventory list…
To keep your home insurance policy as accurate as possible, you will want to create a home inventory list. This should include items such as electronics, appliances, computers, jewelry, clothing, and anything that is considered valuable.
Check for energy savings discounts…
That new air conditioning unit you had installed or the washing machine you bought may qualify you for discounts or various energy savings. Check manufacturer websites and ask your insurance agent to make sure you’re not missing out.
Perform maintenance checkups…
An ounce of prevention is worth a pound of cure. This statement generally refers to physical health, but it can also be applied to the home. Keeping an eye on electrical systems, roof, heating and cooling systems, plumbing, etc., can keep a minor problem from turning into a major disaster.
Installation of security devices…
There are a number of security devices to install in your home. Everything from smoke alarms, carbon monoxide detectors, doorbell cameras, and dead bolt locks can work for you to decrease policy premiums.
Life Insurance
New year, new changes…
Your life insurance policy should accurately reflect your status. Did you get married in the past year? Get a divorce? If there was a death or a birth in your life, you may need to make changes to your coverage so you can be sure that your loved ones can cope financially in the event of your death.
Change in income…
Significant changes in income – whether an increase or decrease, will determine if you need more coverage, less or a possible change in premium. Talk to your insurance agent about any possible changes in compensation.
Health Insurance
Annual screenings…
Keeping all of your ducks in a row is a smart way to approach your annual screenings. Designate one month or two week time frame out of the year (many people do this at the end of the year but can be done at any time) to schedule mammograms, colonoscopies, well checks, vision checks, etc.
Immunizations and vaccinations…
The start of the year is a good time to double check that you and your family are up to date on all of the required (and desired) immunizations and vaccinations. Ask your health provider what you might be missing (for example, if you’re over 50, you might consider getting a shingles vaccine).
It might be just a flip of the calendar, but in reality, the beginning of a new year can be a time for renewal and reflection. Take this time to be certain your insurance coverage is up to date and accurately reflects your current life circumstances.