Happy New Year to all!
As we start this New Year with much energy and motivation toward new possibilities and fulfillment of resolutions, this is also a good time to review the past year and note any life changes and developments. Some of these life changes may even need more insurance coverage, like a blanket, around them for safety.
It is important to declare these changes with your insurance company as over 20% of claims are denied due to unreported changes! These couple of minutes of your time have the potential to save you money and aggravation.
A Year in Review – Life events!
Read the following Year in Review. As you read along, check mark the life events that happened to you this year. Also mark any events that you anticipate happening in the coming months. Even one check mark indicates that you need to call your personal insurance agent to ensure that you and your loved ones are fully covered by your insurance policy.
Moved into a new apartment or condo!
Make sure you have renter’s or condo insurance. Sometimes condo insurance is offered by the housing complex. Go ahead and verify with your personal insurance agent that the condo insurance covers all your needs. You want to make sure that the coverage includes all your belongings, not just the actual apartment itself.
Got engaged!
You found your life partner, and are getting married! So exciting! On your finger sits a ring chosen with much invested thought, time, and energy. Now make sure the ring has appropriate insurance coverage, as you would be crushed if something ever happened to your symbol of everlasting love.
Also, as you prepare for your big day, keep in mind to get wedding insurance to cover your wedding day plans, and travel insurance for your honeymoon. With travel insurance coverage, that untimely travel delay in Cincinnati may even turn out to be romantic!
Got married!
Congratulations! Now you get to enjoy the power of two! The consolidation of two households gives you the benefit of multi policy discounts which save you money. So if each partner is still paying for their individual car insurance at their own insurance company – stop it! You are giving away money which can be used for a trip or added to your nest egg.
With marriage, you and your partner are invested in each other and rely upon each other. This is the time to consider life insurance to make sure your loved one is cared for financially. The good news is that in general, the younger you are at enrollment, the more affordable the life insurance payments.
Bought a new home!
You will want to make sure your home insurance provides you with ALL the necessary coverage for your home and all the items in it. Check out the home inventory blog for steps to follow in cataloging your home. This home inventory will help ensure all your items will be accounted for in the home insurance policy.
Also let your agent know if you are bringing a dog onto the property, a trampoline, or have or plan on installing a swimming pool. These are important details to include in your insurance interview.
Bought a new car!
You can’t drive a new car off the lot without car insurance, so we are not worried about you owning insurance. Now, what can be taken into consideration is the new car’s use. Is the new car your baby and you only drive it on California-like sunny days while the reality is you live in rainy cloudy Ohio? If so, your car use may be less than what was originally stated in your insurance policy. Modifying the distance driven with the car may save you money.
Also, if your other car is becoming more of a clunker, and you don’t care about its repair in the case of an accident, your agent can adjust your coverage appropriately to your car value. This may save you money.
New baby in the family!
The joy of bringing home a new baby is overwhelming, followed by the overwhelming concern for the newborn. What you won’t do for your child. The insurance coverage checklist includes health insurance for the baby, life insurance for the parents, and amending your home inventory to cover all those baby necessities, toys, gadgets, and strollers. The item grand total adds up quickly!
Child got driver’s permit or driver’s license.
As soon as your child gets their driver’s permit, notify your insurance agent to get your options. Even permit drivers need auto insurance. Your agent knows how to best adjust your policy for this new life change.
The good news is that there are ways to lower your insurance costs for your new driver – Driver’s Education classes and good grades in school.
Bought a new toy!
New toys include: Travel trailer, golf cart, antique auto, moped, snowmobile, all- terrain vehicle, truck cap, motor home, pickup camper unit, and hitch. These toys add joy to our lives. When calling your agent for coverage, have the item’s specs on hand to easily answer insurance coverage questions.
Major home repairs and upgrades.
Home repairs and upgrades make our homes safer, more enjoyable, increase our property value, and may lower our home insurance costs. Repairs that may lower your insurance cost include new roof, new furnace, and installation of a security system.
When you are planning on a home project, speak with your agent in the planning phases. They may be able to advise you on how to save some money in your home insurance with some of your repairs.
If you are doing significant upgrades to your home which increase your property value, you are going to want to adjust your home insurance to cover these upgrades in case of peril.
Death of a family member.
The mourning period for a loved one is a difficult time to endure. Simple daily life tasks can seem unmanageable. While time may not lessen the pain, it seems to give clarity to one’s daily life and tasks.
One such task for review is making sure your loved one is no longer listed on insurance policies. For example, you don’t want to be overpaying for an unnecessary auto policy. Also, check your loved one’s life insurance policies and make sure they are issued to the appropriate persons. The financial assistance from the life policy may give the opportunity to mourn your loved one peacefully without extra financial stresses.
…..And now we have rounded out the whole circle of life, a year in review.
As mentioned earlier, if you have even one check next to a life event, give your agent a call right away to ensure appropriate coverage. If you have a check in anticipation of an event, give your agent a call to examine your options.