Tips for your 2019 Insurance Review

Tips for your 2019 Insurance Review

December 31, 2018

The start of a new year always brings along new plans, new resolutions, and new ideas. Many of us focus on the fun and exciting aspects of the New Year, but with that we usually forget to review the important and more serious parts of our life like our financial goals, retirement plans, and our insurance. Below are a few tips to help you review your insurance and address any gaps in coverage you may have!

Auto Insurance

  • New Household Drivers: Will you have a child turning 16 and driving your vehicles? Will you have a family member move into your home and begin driving your vehicles? It's important to add to your policy any member of your household that will be regularly using your vehicles. Adding them as a listed driver will ensure that they have adequate coverage if an accident were to ever occur.
  • Age of your Vehicle: usually at the 10 year age mark for a vehicle, we recommend assessing the comprehensive and collision deductibles for that vehicle. Many insurance carriers will total a vehicle 10 years or older when there is moderate to severe damage from an accident or weather related storm. Many insurance carriers do this because the cost to fix the vehicle is more than what its worth. It's good to assess the need for comprehensive and collision coverage on older vehicles because it may be a coverage you are paying for but won't be able to use or don't need.
  • Liability Coverage: it is always good to reassess your liability limits based on what stage in life you are at. If you are starting a family, getting married, or buying a home, now would be a good time to consider higher liability coverage for your auto policy.

Home Insurance

  • Recent Updates: if you have made significant renovations or updates to your home, let your agent know! Renovations can increase the value of your home, but it can also increase the amount it costs to rebuild your home. Rising home values can also make a difference in having enough coverage. Make sure the Dwelling A coverage on your insurance policy is enough to rebuild your home in the event of a loss.
  • High Value Items: did you recently buy your significant other an engagement ring? Did you just buy an expensive piece of art? Or did you get that awesome drum set for you child for their birthday? All of these high value items should be insured on your homeowner's policy. Not listing them and providing a value could mean there won't be enough coverage if they are stolen or damaged.

Business Insurance

  • Employees: did you hire employees for the first time? Or are you hiring several employees for the New Year? It's important to keep your insurance coverage up to date. Whether that means getting work comp insurance for your first time employee or increasing the payroll for your current policies so you don't receive a large audit at the end of your policy term.
  • Revenue and Sales: are you having a big year? Or are you having a slower year compared to last year? Both of these scenarios are something to consider when reviewing your insurance. If you are having a great year, update your policy now so you don't have to pay a big year-end audit. If you're having a slow year, you may be overpaying for your current coverage.

Wherever you are in life, make sure you take a little bit of time to review your insurance and make sure it matches your needs. Insurance Agents are always available to review your coverages; make sure you take advantage of their knowledge and expertise!