In addition to the usual New Year’s resolutions (stop smoking, lose weight, clean out the basement), you should consider where insurance fits in to the picture.
Resolve to make an appointment with your insurance agents and consider the following:
Did you get a big raise in income? Review you disability income coverage.
Did you make any expensive purchases? Don’t assume they are automatically fully covered for loss. Antiques, art, jewelry, family heirlooms and more should be appraised by a professional to determine appropriate value. You then can use this information to update your homeowners, condo or apartment insurance.
Did you make any improvements to your home? Finishing the basement increases the home’s value, building a swimming pool increases your potential liability.
Did you start a home-based business? It may not be covered. Your insurance agent can tell you what steps you need to take to make sure.
Did you get a new addition to the family? Life insurance should cover both parents because at-home partners contribute a much greater financial consideration (child care, house cleaning, and homemaker tasks) that you might not consciously consider.
Did you complete a Driver’s Safety Course? You might be missing out on well-deserved discounts on your auto insurance.
Insurance should be a vital part of your financial well-being.
This might just be the most important New Year’s Resolution you ever make (& keep)!