Can you believe we are just a few hours away from 2019?!  At the start of every new year we always come up with a resolution of some sort.  For many of us it may be to get in better shape, travel more, get organized or save more money.  Some resolutions are rarely kept, for me its losing weight, but there is one that gives you peace of mind. 

Start this new year by taking the time to create an insurance checklist.  Gather all of your policies and review or update any as needed.  Ask yourself this, what’s the worst that could happen to my home, vehicle, health or life over the course of the coming year?  How you answer this question will show if you have the right kind of insurance and coverage for the new year.

The new year is always a time of reflection.  It is a reminder to us that we should take stock of what has happened and what we want to come next.  Review the insurance checklist for tips below about how you should consider insurance policies this coming year.

Your New Year’s Insurance Checklist

  • Auto Insurance

When it comes to auto insurance most of us purchase the state required auto insurance minimum.  But this does not include uninsured/underinsured motorist coverage, rental reimbursement, medical payments, or bodily injury coverage.  We neglect to purchase coverage that compensates individuals you have negligently injured in your vehicle for medical expenses, pain and suffering.  That is why at the start of this new year evaluate your insurance policy and determine if it still meets your needs.  

  • Homeowners Insurance

There are three critical questions to ask in determining whether or not your home is properly insured. 

  1. What would it cost to rebuild?  When purchasing homeowners insurance, consider coverage for the actual replacement cost of the dwelling and not market value.  Take into account in the coverage amount the cost of rebuilding, repairing or replacing the dwelling with materials of comparable quality. 
  2. Where will I stay if I cannot live at home?  Review your homeowners’ policy to make sure Loss of Use is included.   If you have to relocate for any period of time while your home is being repaired these costs will not come out of your pocket.
  3. What would happen if someone is injured or worse killed on my property?  Being a homeowner you can be exposed to many liabilities such as slip and falls or worse death.  Protect yourself by considering how much an event like that could cost you.  A homeowners policy is usually bought with low liability coverage consider bumping up yours to cover small to large incidents.
  • Life Insurance

The single most important thing you can do in 2019 is to stop procrastinating and get a life insurance policy.  Think of it this way, what would happen if the working member of the family leaves the family behind without income to pay for bills or debts.  Life insurance takes a few minutes to set up and saves you years of struggle if you happen to need it later.  Two important things to consider: do not purchase term life insurance that only pays if death occurs during the term of the policy.  And second, be cautious in looking for the lowest price tag instead research the companies with A+ rating.  These companies may be more expensive but claims are paid faster and have fewer customer complaints.

  • Health Insurance

We tend to not pay attention to our health plans until we need them and something isn’t covered.  If your employer’s plan changed provider networks to save on costs, your regular doctor may no longer be available.  Review your health plan before your next visit.  By doing so you can avoid any surprises where you may have to pay for out-of-network expenses or your copay increased.

Contact any of our office so we can evaluate together your insurance needs.  We look forwards to continue serving you our loyal customers for this new year.  Happy New Year!