Those are honorable resolutions that require a 365-day commitment. What if I told you that you can make a New Year’s resolution that will require a minimal time commitment and it could save you money? You would be interested, right?
That resolution is to review your insurance policies. No one said it was glamorous work, but it can be fruitful, nonetheless.
Here are a few general points to ponder as you begin auditing your insurance policies.
- Do you have current documentation of all your policies including life, auto, home (or rental), and health? If you do not, you need to gather it and file it in a way that is easy to locate and identify.
- What are your deductibles? Often people select a deductible and never think about it again until they need to use the policy. Deductible amounts should be revisited annually to ensure they are still fair and reasonable based on the person’s financial situation.
- Is your beneficiary information correct? Ensure that beneficiary names, addresses, and phone numbers are up to date.
- When is the last time you shopped around for other carriers? Comparison shopping for insurance is prudent and should be done every year to see if cost and benefit savings are available for you. Excluding health insurances through employers, which typically have specified enrollment periods when benefits can be changed, life, auto, and home (or rental) insurance benefits and carriers can usually be changed at any time.
Your age, health, financial situation, and if you have minor dependents should factor into the type and amount of life insurance you purchase. There are plenty of policy types, and there can be tax ramifications so you may need to talk to an agent to make sure you have the most appropriate coverage for your situation.
As you review your auto insurance policy, consider the following:
Are you working from home? That means you are likely driving fewer miles. You could be eligible for auto insurance discounts from your current carrier (or a new carrier) because of this.
Pertaining to homeowners’ insurance, consider the following:
Given the extreme weather conditions of 2020 including fires and floods, do you need additional homeowner (or renter) protection for natural disasters? Most standard policies do not cover these situations.
When looking at your health insurance policy, make note of the following:
If your insurance covers free wellness and/or dental checkups, make sure to schedule them. Always take advantage of any free preventive services that are available.
Many view insurances as a necessary evil and avoid thinking or talking about them unless they need to. A better way to evaluate insurance is to ensure it will work for you in the way you envision or expect in the event you need to use it. Do not be caught by surprise after-the-fact. Be proactive and make this a New Year’s resolution that you can keep and feel very accomplished about completing.
From all of us at Keystone-Deibler, Straub & Troutman Insurance we hope you have a healthy and happy 2021 and, as always, we are here and ready to assist residents of E-ville, Halifax, Millersburg, Line Mountain, Upper Dauphin, and the surrounding area with all their home and car insurance needs.