You get your teeth cleaned and checked once a year. You get a physical from your doctor once a year. You take your car in for an inspection once a year. And you probably talk to your financial planner once a year. So why wouldn’t you review your insurance policies once a year? Each year’s end is a perfect time to review all your policies to make sure they are still fitting your current needs. Read on to learn more and what to consider for each policy.
Home Insurance
When reevaluating your home insurance policy, think about any new purchases or gifts you have acquired over the year. Add all new valuables under your existing policy. If you updated your home at all, for example – renovated your kitchen, this will need to be considered in a new policy. Also, adding things like pools, hot tubs, trampolines, or even adopting a particular dog breed will require higher liability coverage.
Car Insurance
If you have purchased a new car, or paid off an existing one, you will need to update your auto insurance policy. Once you have paid off a vehicle, you may consider dropping your comprehensive or collision coverage or even raising your deductible.
Small Business Insurance
If you are a business owner, this is crucial every year. However, it is even more imperative if you consider how many businesses made major changes to navigate all the challenges presented this year. Make sure your coverage is adequate for your business going into next year after all of the adjustments you may have made this year.
The end of the year is a perfect time to review all your insurance policies to make sure they are still fitting your current needs. Once you have done that, you can start the new year with a little peace of mind.