The New Year is a Great Time to Reassess

Annual review of your insurance policiesIt is the New Year, now it’s time to get down to the details of planning out the next twelve months. The start of a new year is a great time to review all of your insurance policies and prepared for whatever life may throw at you over the next 12 months.

When you carry out a comprehensive review of all your insurance policies, you can make sure you have appropriate coverage for any changes that have taken place during the past year. It is good to ensure that all your details are up to date so you don’t find yourself paying a huge excess you didn’t expect when it comes to making a claim.

It is also a good time to reassess all of your insurance coverage including your auto insurance. Many people purchase new cars at the end of the previous year, or at the start of a new year. But, even if you haven’t, it’s a good time to reassess your present auto insurance coverage. Just because you have insurance, does not mean that you have the kinds of coverage that you need or high enough limits to adequately protect yourself.

Questions to ask yourself regarding all of your insurance

The questions you should be asking yourself every beginning of the year include: are your deductible’s reasonable for your situation, or do they need to increase or be reduced?  Are you sure you are not qualified for a better car insurance rate?  What about your life insurance? Do you have enough life insurance? Are you using your employer’s insurance benefits? Do you need supplemental insurance such as critical illness? Providing answers to these questions will give you an insight to the state of your insurance policies and further to be sure you are adequately covered and insured.

Lifestyle changes

Has your lifestyle changed over the past year, or perhaps there are plans of changing your lifestyle in the New Year. For instance, if you got married or had a baby this past year, you’ll want to ensure you have the right home, health and life insurance to protect your new family.  Perhaps you bought a new car this year, or you have a plan of buying one, you’ll want to ensure you have enough coverage to fill any gaps for any physical damage to the car or your family. The changes in your lifestyle in the previous year may make the amounts and types of insurance coverage that you had previously no longer be sufficient to take care of your needs…. or just the opposite and now you have too much!

Annual reviews & Risk managementInsurance is about risk management and protecting your assets

January makes perfect sense to review your insurance due to the likelihood of more valuables in your household from Black Friday sales, Christmas gifting or January sales. Purchases of electronics, especially video game consoles, reach an all-time high during this time.  Interestingly enough, marriage proposals are typical for the month of December and then of course during February, so be sure those jewels are sufficiently covered.

The addition of new valuables could increase the estimated home contents value of your policy. And yet, some valuables aren’t quite covered with your home owners policy. So, it is worth reading through the fine print of your policy so you know for sure… or you can contact your trusted insurance agent to keep you in the know, and fully covered!

Ensure you have enough coverage in the event your vehicle is damaged, which includes collision, liability coverage and uninsured motorist coverage.  Don’t forget, your health is important as well as life insurance in the event you should pass and leave family behind. You’ll want to be sure they are able to cover the bills after you are gone. Remember that insurance is just risk management….you are paying for comfort and peace of mind that should something happen to your valuables that there is something there (and someone like me) to help you recover those valuables.

So, should you have any questions about your auto insurance, home insurance, those fun toys (boat, jet ski, motorcycle, etc) you got for Christmas, contact Paula Smith Insurance at (281) 488-8880 or click on the Get a Quote on the right hand side to get your FREE no pressure quote.


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