28 Dec Why You Should Review Your Insurance Policies at the End of the Year
Check your insurance policies before the year-end.
We take our vehicles in to get inspected every year. We talk with our financial planner every year. We have our teeth cleaned every year. So, why do some of us go years without reviewing auto, home, and life insurance? Just like a check-up at the doctor, it’s important to review your policies annually to ensure you’re getting the right coverage for the best rate. The end of the year creates an excellent opportunity to review your insurance policies.
- Did you receive lots of lovely presents under the tree this year? You should add all of these precious holiday gifts to your home inventory so that they are covered. If they are items of high value, you may need to consider adding extra protection in the policy.
- Did you update your home at all? Whether you remodeled the kitchen or added a master suite, you may need to update your homeowners insurance. When your home’s value increases, so does your home insurance policy.
- Adding a pool, trampoline, or adopting certain dog breeds may require higher liability coverage.
- Do you have an older car with no loan? It could be time to raise your deductible or drop comprehensive and collision coverage. Before doing so, find out what your car’s trade-in or sales value and whether or not it’s worth maintaining full coverage.
- Did you buy a new car this year? If you don’t have uninsured/underinsured motorist property damage coverage, it may well be worth adding it on now. It should be enough to cover your loan amount if you are involved in an accident and the car is considered a total loss.
- Have you recently experienced a major life change? Life events such as buying/moving to a new house, getting married, having a baby or changing jobs call for an insurance review. If you are retiring in the upcoming year, you’ll need to consider whether or not to keep life insurance.
- If you have a term life insurance policy, you may consider upgrading to whole life insurance, which doesn’t expire.
At Dougherty Insurance, we can help you determine the right levels, limits, and deductibles of coverage to suit your needs in the New Year. Contact us today for unparalleled personal insurance in Illinois, Wisconsin, and Indiana.