Why Reviewing Your Insurance is a Resolution Worth Making

Happy New Year! As we start 2014 we get a chance to reflect on last year and make some much-needed changes. At Biscoe Insurance Group, Inc we always ask ourselves if our insurance policies could benefit from a few changes as well.

New-Year_ResolutionsInsurance isn’t a set it and forget it product, but all too often people establish a policy then never look at it again until they need it. And then they may realize a little too late that they aren’t adequately covered. Anytime you have a significant life change like a having baby, getting married or buying a new home your insurance needs change. Even something on a much smaller scale like purchasing a new flat screen TV affects your insurance.

Insurance is a part of your life that grows along with you. So the New Year is a perfect time to make sure your policies reflect your current situation and where you want to go in the future.

Review Resolutions for Home Insurance

Your home is your biggest investment, and if home improvements are a part of your resolution for this year you’ll definitely want to add updating your home insurance to the project list. If you’ve already tackled remodeling and renovations in 2013, that’s all the more reason to take a look at your home insurance policy.

  • If you’ve made improvements that could have increased the value of your home call your insurance agent to discuss the details.
  • Flip to the Declarations Page of your policy and look over the policy and coverage limits. Pay close attention to the limits for the structure, personal property and loss of use. If it doesn’t seem like enough to replace your home as it is today and your belongings then it’s time to make adjustments.
  • As far as the belongings go, check to see what all is included in your personal property coverage. Is it actual cash value or replacement coverage? Are the category limits high enough to cover you in case of a total loss? Are there high-priced items that may need individual coverage through a special rider? Are there items you had covered by a rider that you no longer own?
  • Another item to check is the deductible. If your financial situation has changed you may be able to get it raised or lowered to make the deductible work better for your needs.
  • Liability coverage is possibly the most overlooked aspect of home insurance, until your dog bites someone or a guest falls down the stairs. Lawyers and medical procedures are expensive these days, and without adequate liability coverage the financial well being of your family could be at stake.
  • You may also be paying more than you need to for your policy. If you improved the security, added safeguards against natural disasters or improved your credit last year you could get lower home insurance rates.

Review Resolutions for Renters Insurance

If you got a few expensive Christmas presents this year or moved into a new apartment over the New Year it’s time to take another look at your renters insurance.

  • As noted above, it’s important to make sure all your possessions are adequately covered by your renters insurance. If the value of your property has went up so should your coverage. When you’re renting a lot of disastrous situations are completely out of your control like a pipe bursting in the apartment above you, or a next door neighbor having a kitchen fire. But what you do control is how well you’re covered in the event of a loss.
  • If you’ve recently moved take a look at your liability coverage. Does it meet requirements set by the landlord? Today, many property managers and landlords require that renters have a certain amount of liability coverage.
  • Another reason to review liability coverage is if you’ve gotten a new dog. Some breeds like pit bulls could even nullify your coverage or raise the premiums because of liability reasons.

Review Resolutions for Motorcycle or Car Insurance

Unlike other types of insurance car and motorcycle insurance is a must for anyone who’s on the road. But when you set up your insurance did you go with just the bare minimum? Here are a few reasons you’ll want to review your car or motorcycle insurance and talk to an agent about making adjustments.

  • You plan to get a new car or motorcycle.
  • You made modifications/upgrades to your car or motorcycle.
  • You’re driving less and haven’t had an accident in a very long time. Insurance companies are now starting to reward safe drivers by lowering their premiums.
  • You moved to another state.
  • Someone else is driving your car on a regular basis.

Review Resolutions for Life Insurance

If you’ve made a resolution to protect your family financially there’s no better way to make good on that goal than by getting life insurance. If you already have life insurance you’ll need to review your policy whenever you have a big life change.

  • If you’re with another company your agent can help you review any life insurance benefits packages that are offered.
  • Those that you want to be the benefactor can change if you have a child or a lose someone. Because life insurance overrides a will it’s extremely important that benefactor information is kept up to date.
  • When you make the choice to live a healthier life that can have a huge affect on your life insurance. If you’ve had a health change like weight loss, quit smoking or stopped needing a prescription drug you could qualify for better rates.
  • Check to see what kind of coverage there is for your spouse. Most families cover the breadwinner, but don’t take into consideration the financial burden that could be felt if the other spouse passes away.

Insurance is meant to protect you, but unless you review your policies regularly they could be stuck in the past. The New Year is the perfect time to talk to your agent about getting your policies ready for the future.

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Original Source: http://www.mybiginsurance.com/insurance-news-updates/reviewing-insurance-resolution-worth-making