As we welcome the new year, it’s the perfect time to make sure you and your family are protected with the right types and amounts of insurance coverage. Life changes, and so do your insurance needs.
Your insurance coverage should adapt to keep up with your evolving circumstances. Before diving into your policies, revisit the significant life events from the past year, such as marriage, the birth of a child, a new home purchase, or changes in employment. You’ll also want to think about any changes you anticipate for the coming year. These milestones can impact your insurance requirements, making it essential to update your insurance coverage accordingly.
Although it’s a good idea to review your policies yourself, it’s an even better idea to go over them with your insurance agent. If you don’t have a local agent you can discuss these things with, you’ll want to find one. If you use an independent agent, they’ll be able to shop around to find you the best coverage at the best price to meet all of your needs.
Here are some types of coverage you want to review or consider.
It’s time to update your life insurance coverage if you’ve recently welcomed a new member into your family or experienced other significant life changes. Ensure that your policy aligns with your current financial responsibilities and long-term goals. Adjust the coverage amount and beneficiaries, if needed, and consider exploring additional coverage options to provide extra security for your loved ones. You may want to consider whole life or term insurance, based on your situation.
Changes in your lifestyle or location can impact your auto insurance needs. Review your policy to confirm that it adequately covers your vehicles and accounts for any changes in usage. If you’ve moved, notify your insurance provider to update your address. This can affect your premium. Explore discounts that may be available, such as safe driver incentives or bundling auto and home insurance for potential savings.
Homeowners or Renters Insurance
Your living situation can influence your homeowners or renters insurance requirements. You’ll want to update your insurance if you’ve renovated your home or acquired valuable possessions. Confirm that your coverage limits are sufficient, and consider adding endorsements for items like jewelry, electronics, or other high-value assets.
Review Policy Limits and Deductibles
As part of your insurance review, examine your policy limits and deductibles. Ensure that the coverage amounts align with your current needs and financial capabilities. Adjusting these elements can impact your premiums, so find the right balance that provides adequate protection without stretching your budget.
Update your Insurance with an Independent Agent
Insurance markets are dynamic, and shopping around can take time. At Domain Insurance, we can help you understand how the changes in your life will impact your insurance needs and help you find and adjust your policies to match.
Starting the new year with updated and comprehensive insurance coverage is a proactive step toward financial security and peace of mind. Contact us online or call (239) 610-1116 to secure your future.