The previous year may have held many changes, so making sure your policies are up to date with your current situation can help save you money in the long run.
An Adams Insurance Advisors agent can help determine whether your current policies provide adequate coverage and if you need to make adjustments. Even if you haven’t had any large changes in your life, it’s still a great idea to have us help you find new discounts or new products that would better serve your needs.
Changes–such as a new baby, adoption, divorce, marriage, or even a new mortgage or job– are indicators that you might need to make changes to your life insurance policy.
When reviewing your policy, consider these questions:
- Do I have enough coverage to cover my family’s anticipated expenses? (College tuition, child care, burial costs, uncovered medical expenses, debts, estate settlement costs, etc.)
- Do premiums or benefits vary from year to year?
- What part of the premiums or benefits is not guaranteed?
- Can the policy be converted into another form of insurance or annuity?
If you welcome a new baby or get married, you might consider increasing your death benefit. Your agent can tell you if the insurance company requires a physical exam before increasing your coverage levels.
Events like paying off your mortgage or student loans could lower your life insurance coverage and premiums. Your life insurance company may allow you to expand your death benefits so they can be used while you are still living.
The beginning of the year is a great time to review your home inventory.
- Take photos and note the value of your prized possessions, including antiques.
- Make sure to include any valuable gifts you received over the holidays on your list.
Most homeowner policies have standard limits for big-ticket items like electronics, art, jewelry, guns, or sporting equipment. You may need to add special coverage to cover these items. If you need help getting started, download our Home Inventory Worksheet (PDF).
It’s also important to consider your environment.
- Are you in an area prone to earthquakes, flooding, or other natural disasters?
- Loss from these disasters can be costly and may not be covered under your standard policy?
Your insurance agent can help you to determine the proper amount of coverage for your home and possessions.
Congratulations! You made it another year without a ticket or accident! Check with your agent to see if you qualify for any additional premium discounts because of your awesome driving record.
Other items to consider:
- Do you have enough liability coverage? If you cause an accident, will your insurance cover the loss? Could you be sued for any damages above the liability limit?
- Review your deductibles for your collision or comprehensive coverage. Raising or lowering these deductibles can adjust your premium.
Other products to consider would be a personal umbrella policy or pet insurance for your fur babies.
We hope this helps you to start a conversation with your agent about your insurance coverage. Need an insurance agent? Click below, and AIA can provide you with an insurance guru to help you navigate the sometimes confusing world of insurance.
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