How to review your insurance for the new year
Have you thought about your insurance policy going into 2017? I know that around this time of the year is usually focused on consolidating those New Years' resolutions. But once you've established (or abandonded) that new gym routine, it's time to start thinking about your insurance coverage.
Let’s look at how you can review your insurance for the New Year.
Travel insurance
Do you have any trips coming up? Most of us get so excited about booking our winter escape that we don’t think about anything else. It’s critical to review your travel insurance for your upcoming trip. You might be covered under your employer or your credit card. Either way, you’re going to want to know that you’re protected if anything happens. I would suggest taking a few minutes to ensure that you have some sort of coverage for your next trip. You can then resume looking at pictures of the destination.
Home insurance
Has your net worth increased over the last year? Do you need additional coverage? Have you started running a business out of your home? These are all things that you need to think about as you go over your home insurance policy.
You may need to ask for additional coverage if there were major changes in your home (renovations, new family member, etc.) over the past year. It’s easy to forget about contacting your home insurance policy provider. This is why it’s essential to put aside a few minutes at the beginning of the year to and go over this.
Life insurance
Does everything seem right? How are your investments going on the cash value side?
What else do you need to think about with your life insurance?
- Your family status: Has anyone moved in or moved out? Have there been any changes with your family?
- Your health: Did you lose weight? Get sick? It’s important to update any positive or negative changes to your health.
- Your marital status: Did you get married or divorced in the past year?
- Your income: Are you making more money? Did you get a pay cut?
- Your beneficiaries: Are the right people mentioned?
Nobody’s claiming that reviewing insurance policies imakes for an exciting night. However, it’s important to ensure that everything’s covered for the next year so that you don’t have to stress out about insurance at the last minute.