As we turn the page to a new calendar year, it’s a great time to take inventory, reflect on the past, and make plans for future goals. You might be caught up in all of the joys of the holiday season but don’t forget to consider any changes in your relationships, home or professional life, health, financial situation, or all of the above. Reviewing your policies An insurance review will help you determine whether you’re adequately covered as well as potential cost savings you may be missing out on.
Here are a few important areas to consider:
- Update your home inventory list
It’s important to keep a list of valuable items in your home. If you haven’t made one yet, now is the time. Consider items such as appliances, computers, electronics, housewares, clothing, jewelry, and other valuable objects. Keeping this list up-to-date will help to make sure your coverage is as accurate as possible.
- Report any home improvements
Whether you built a new addition or updated your kitchen, any significant improvements to your home can increase its value. Make sure to let your advisor know of any changes you make to improve your home.
- Check for new discounts
Insurers make adjustments to discounts and any changes to your home or current situation may qualify you for different savings. Check with your advisor to see if you qualify for any new discounts. For example, if you have a home security system you may qualify for an additional discount.
- New drivers/cars
Make sure that your policy has updated the information to properly cover your new teen driver. If you have a new car loan, you’ll need to ensure that your damage coverage will be enough to cover your loan amount should your car be considered totaled.
- Changes in income
To account for your increased income you may need to increase the limits on your liability coverage to better protect yourself financially.
- Account for your car’s age
As your car ages, you may no longer need all of the coverage you required with a new car loan. Determining what your car’s trade-in or sales value is can help you and your advisor identify what coverage is needed.
- Changes in income
Should your income increase significantly, you may need to increase your coverage for your loved ones should you pass away. On the other hand, if your income decreases, you may not be able to afford your current policy. In any case, letting your advisor know of any changes to your income can ensure that your policy is suitably adjusted.
- Account for any life changes
If your year has brought birth, death, marriage, divorce, job loss or other life changes, you may require adjustments to your policy. Make sure to account for these when reviewing your policy with your advisor.
In preparation for the upcoming year, investing a portion of your busy holiday schedule to review your insurance policies can be a gift that will truly keep on giving into the New Year. Even if you make no changes at all, at least you have reviewed your policy and you feel confident in your coverage. Your peace of mind is worth the time spent reviewing. If you have any questions or need to speak to an advisor, Boyd Insurance & Investments is here to help! Call us today at (941) 745-8300 or contact us online here.