'I Resolve': A New Year's insurance checklist
It's that time of year again when many of us look at our lives with renewed energy and fresh eyes. As you make resolutions to improve your overall wellbeing this year, take some time to include an insurance review. It's a quick and important investment in your financial security.
Ideally, you've kept your insurance agent up-to-date on any significant home improvements you've made in the last year, but take a moment to review anything you might have forgotten. Consider whether any life changes or home business practices could impact your insurance, too.
- Significant home improvements, such as a kitchen remodel, bathroom, or addition that could impact your home value.
- The entire roof of your home was replaced.
- New safety features such as a sprinkler or alarm system.
- New swimming pool, wood-burning unit, or a dog.
- A new boat, camper, snowmobile, ATV, or other recreational vehicles.
- New jewelry that was acquired which may need to be scheduled on the policy.
- Any business conducted from your residence.
- Any tenants or short-term rental practices.
Now is also a good time to update your home inventory with any notable purchase (jewelry, furniture, antiques, art, electronics, etc.) you made in the last year. If your household inventory has significantly increased in value, you may want to adjust the limits on your policy.
Drivers and families
Changes in your personal life or family structure can impact your home and car insurance needs. Review the following list and identify any changes that occurred in the past year:
- New driver in the house.
- Child left the house/went to college.
- New car.
- New job that changes your regular driving habits.
Ask your insurer if any cost savings are available if you sign up for autopay or pay in biannual instead of monthly installments. Review your deductible too. If you have a good emergency fund, you may feel comfortable increasing your deductible in exchange for lower rates on your insurance premiums.
When was the last time you updated your insurance policy? If your business has grown or evolved since then, you may be exposed to added risk.
- Employees - Has your workforce increased? Are you using more contractors?
- Sales - Have annual sales grown? If yes, consider whether your liability limits are high enough to cover your current exposure.
- Services - If you've expanded into new service lines, you may need to add new endorsements to your liability policy.
- Drivers - Check safety records and licensing for all the drivers in your business. Tell your agent if drivers are frequently using rented vehicles.
- Contracts - Have you engaged in any new contracts that could affect your liability? Review the "insurance and indemnity" sections with your insurance agent.
- Property - An increase in equipment could impact your commercial property policy.
A quick conversation with your insurance agent never hurts. Even if you haven't experienced any significant changes in the last year, your agent can help determine if a new insurance option might better suit your needs.
Contact your insurance agent today to review your coverage and mitigate risk. Or find your local SECURA agent and find out if a SECURA policy might be right for you.