It’s the beginning of a new year, and there may be ways you can better protect yourself financially in 2019. We suggest reassessing your insurance coverage needs. Here is what you need to know.
How reassessing coverage helps you
Each year brings personal changes for you as well as changes within the insurance industry. You might require more or less coverage than before due to a marriage, children or new home. Industry changes encompass new laws, new discounts and new options and incentives that can benefit you. Review your current insurance coverage to determine where you are overpaying or have insufficient coverage.
Who to talk with
When reassessing your insurance needs, you want to speak with an industry expert who can assess your needs, determine if your coverage is appropriate and identify anything new that could benefit you. This could be your representative at your insurance company, an insurance agent or an independent broker.
Key questions to ask
If you are uncertain how to get started with reassessing your coverage, here are some questions you can start with:
• Does my policy offer enough coverage to fully rebuild by home?
• Have additions and renovations I have completed changed my coverage needs?
• Do my collections and hobbies necessitate additional home insurance coverage?
• Give my age or new health concerns, do I need more comprehensive health insurance coverage?
• Is my liability coverage on my home or business sufficient given the traffic it sees?
• Given changes in income, do I need more life or disability coverage?
• Having added new drivers to my household, do I need to increase my car insurance coverage?
• Are there any new discounts I qualify for?
• Is there a competitor who offers the same coverage for less money?
• Should I alter what I pay in terms of my premium and deductible?
Insurance industry experts advise you reassess your needs every year. Doing so takes minimal time and offers you maximum financial protection. Start the year off on the right foot and speak with your insurance broker.
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