Happy New Year! It’s Time for an Insurance Check-Up

Renting a Car This Holiday Season? — Have a Plan!
December 10, 2015
Carbon Monoxide… the Invisible Killer
January 18, 2016
Show all

Happy New Year! It’s Time for an Insurance Check-Up

January 1 is so much more than just a celebration of turning our calendar page to a brand spanking clean new year. It’s an opportunity for us all to reflect on the past year, and a chance to envision how much more might change in the year ahead.

But do we ever actually make adjustments to keep up with these changes? Sure, we’ll make half-hearted resolutions on New Year’s Eve, and most of us will break those resolutions by February 1. Beyond this tradition, even after thinking back on all that changed in the past 12 months, we often slide right back into our same routines as if nothing changed at all.

In doing so, we’re all missing out on a huge opportunity that the new year offers us. Rather than simply remembering the past year, why don’t we take a few steps to make the coming year even better?

Foundation Insurance Group offers its clients that very opportunity with its annual insurance check-ups, and encourages them to take it. Many of the changes that occur in the span of one year not only greatly affect our lives, but can also affect the insurance protections we need as well.

Check your Homeowners or Renters Policy

You may not think to contact your insurance agent after buying pricy jewelry, antique furniture, or a gigantic flat screen TV, but it’s really a smart idea to check in with your agent after a large purchase. Although your homeowners policy protects valuables against a covered loss or theft, coverage is only provided up to a certain limit. When you make a substantial purchase, it’s important to review your policy and possibly increase your limits and coverage.

Did you adopt a new pet in the last year? Bringing animals into your home can affect your homeowners or renters coverage, so it’s important to speak with you agent and make any adjustments necessary to keep your policy up to date.

Did you remodel your kitchen or baths, add an addition to your home, build a new deck, or a backyard swimming pool? Major home renovations usually increase the value of your home, and they can also hike up the cost of rebuilding your home in the event of loss. So before and after remodeling, make sure you speak with your agent to re-assess your home’s value and cover any increases or exposures. You may also qualify for homeowners insurance discounts. Even small things, like adding a burglar alarm or a sprinkler system could earn you a discount.

You may still be living in the same house, but changes to your home may affect the value and you should review you policy with your insurance professional.

Check your Auto Policy

All types of life changes may cause gaps or overlaps in your auto coverage, as well as qualify you for additional discounts. That’s why it’s important to speak with your agent and update your coverage after any big life changes. These include:

  • Getting a new job– changes in your commute can change your risk factors and possibly your premium.
  • Moving to a new house– a new location can affect your premiums or qualify you for a “homeowners” discount. You can even bundle your Home and Auto policies for more savings.
  • Getting married– changes in your marital status can have changes in your coverage, especially if your adding / removing your spouse to your policy.
  • Having children–New drivers in the household, and on your policy, mean it’s time to update your coverage.
  • Buying a new car – Check with your insurance agent before you start shopping for a new car. Knowing premium levels beforehand can help influence your buying decisions.

Check your Life Insurance Policy

One policy most of us overlook on a year-to-year basis is our life insurance. Yes, the policy is in place in case the unthinkable happens, so naturally you don’t want to think about needing to use it. But you shouldn’t ignore it entirely, and a New Year’s check-up is the perfect time to ensure you have the coverage you need to protect your family in the event of your death.

Did you have any new children in the past year? Did you receive a raise and/or a promotion at work? Were you diagnosed with a serious medical condition in the past year? Is the condition ongoing or recurring?

If you answered yes to any of these questions, speak with your insurance professional, as it can have a noticeable impact on your life insurance needs

Even what you might consider a minor change listed above — like updating your homeowners policy after a renovation or updating your auto policy after buying a new car can affect your life insurance policy due to their effect on your monthly expenses.

Ultimately, you may not need to make any changes to your current policies. But it’s always wise to meet annually with your insurance agent and make sure you have the coverage you need and require, as well as want.

Foundation Insurance Group, located in Falls Church, Virginia and St Matthews, Kentucky offers you these check-ups to remind you of why you have insurance in the first place and how vital it is to have the right coverage for your current situation. Foundation knows that no two insurance needs are the same and that everyone’s life is constantly changing.

Let Foundation Insurance Group work with you to ensure you have the right insurance to make this coming year as amazing as the last.

Comments are closed.