The New Year is the perfect time to set personal and financial goals. We have put together a checklist of new year’s resolutions which can help you navigate your insurance program – making sure that you maximize its value while not skimping on important coverage.
Review Your Auto Insurance Coverage and Update Your ID Cards
If it has been awhile since you have reviewed your auto liability limits – now is the time! We always recommend carrying, at the very least, $100,000 bodily injury coverage per person and $300,000 per accident. Liability coverage is inexpensive. An increase of $200,000 in liability coverage can result in a nominal increase of $50 for the year. You should also make sure you have updated ID cards with current effective dates in the glove compartment of each of your cars.
Consider an Umbrella Policy
Umbrella policies are excess liability policies over your primary home and auto insurance coverage. Umbrella policies are some of the least expensive insurance coverage you can purchase and some insurance carriers even provide additional multi-policy credits on your home and auto insurance policies.
Review Your Home and Auto Insurance Deductibles
Reviewing your homeowners and car insurance deductibles is important. If you carry a $500 deductible on your home, it may be time to consider a higher deductible. Most insurance carriers require a minimum deductible of $1,000 and the cost-savings could be significant. In many cases, if you carry $100 or $250 deductibles on your auto insurance, increasing to a $500 deductible can save you hundreds of dollars annually. Is your vehicle over 10 years old or is the value of your car declining? It may be time to review with your advisor whether physical damage coverage is still cost-effective, too.
Update Your Home Inventory
It is always a good idea to keep a record of your personal property and belongings. Take photos or record a quick video of the belongings in your home (and in storage), including a brief description and value of the items. You can also download an app for easy tracking. Make sure to keep the photos or videos in a safe place – with a backup on the Cloud, for easy access in the event of an insurance claim. If you have valuable pieces of art, jewelry, or other collectibles, we can help connect you with an appraiser who can provide a detailed appraisal of your items to be scheduled on your insurance policy, too.
Ask About Available Credits
From good student discounts to sump pump alarm credits, there are so many available policy credits. It never hurts to ask your insurance advisor if there are any credits available to help maximize your coverage and save money at the same time.
Download your Insurance Carrier’s Apps
Most insurance companies have an app where you can access your policy information, pay your bills, report a claim, and access your auto insurance cards – all from the convenience of your smartphone. (You can find a list of our insurance partners here.)
Schedule an Annual Insurance Review with your Insurance Advisor
An annual insurance review is an opportunity to compare your existing coverage against your changing needs. It also ensures that your insurance program is adequate to your unique situation.
We are here to help! If you are looking to set some resolutions for your insurance program, please contact a trusted insurance advisor today.