Have you looked at your policies lately? It is important to recognize that your insurance needs change over time as you change vehicles, jobs, add to your family and grow older.
When you do need to use the insurance that you pay for, you do not want to learn later that you do not have enough insurance.
Conversely, you want to make sure you are not carrying too much insurance and are not missing some potential savings.
These are some useful tips and resolutions to keep in mind related to your insurance policie this new year.
- Review Vehicle Usages: Make sure your policy accurately reflects how your vehicle is being used. How often do you use the sports car? Is it designated for leisure use? Is your vehicle older than 10 years, perhaps you do not need full coverage (comprehensive and collision) on the vehicle since the insurance company only pays for repairs up to the value of your car. Most importantly make sure you are driving carefully out there since the premium you pay for your auto insurance is largely determined by driving record.
- Inventory: The new year is a great time to update an inventory of your possessions. You will need an accurate list is you have a home insurance claims. You may have received holiday presents or there are new items in your house such as a flat-screen TV. If you do not want to write everything down a popular way of documenting you belonging is by video recording. You may want to cover some of these items individually through a rider or personal articles policy if they are high value items. Also make sure the coverage on your home is high enough to rebuilding your home with today’s construction prices.
- Life Savings: You could be able to reduce life insurance rates if you have followed through or follow through on your New Years resolutions of losing weight, quit smoking, or are able to come off some previous medications.
- Know where you live: If your home is listed on a flood plan, Resolve to get flood insurance coverage this year. Homeowners and Renters policies do not cover flooding.