Here’s what you should do during your insurance review.
The start of the New Year provides a wonderful opportunity to review your insurance policies and update your coverage as necessary. But how do you know if it’s time to update your coverage? Here’s what you should consider as you look over each of the following policies.
Homeowners Insurance
As you review your homeowners insurance, you need to consider changes in your home’s value, any improvements you’ve made, and any valuables you have obtained over the past year. If your home’s value has increased, you’ve made renovations, or you have gotten more valuable possessions, then you will need to raise your coverage limits to ensure that you have comprehensive protection. Speaking to your insurer will help you understand how and why your coverage limits need to be adjusted.
Auto Insurance
If over the past year you have added new drivers to your family, have gotten a new car, or have experienced changes in your driving habits, these changes will affect your auto insurance needs. New drivers and cars will mean increasing your auto coverage. Additionally, if you find yourself driving more frequently, this too will increase your coverage needs. Talk to your insurance agent to determine how many updates your policy needs for the coming year.
Life Insurance
If you’ve experienced major life changes such as getting married, getting divorced, having a baby, sending your kids to college, entering retirement, or experiencing the death of a beneficiary, you need to discuss these changes with your insurance agent. Additionally, if your income has increased or decreased significantly in the past year, you need to bring this to your insurer’s attention as well. These various changes will all affect your life insurance coverage needs, and your policy will need to be reviewed and updated accordingly.
These are some of the things to consider during your New Year’s insurance review. Do you have questions about your home, auto, or life insurance this January? If so, contact the experts at Gant Insurance Agency in McKinney, Texas. Our dedicated team is eager to assist you with all your coverage needs today.