Have you kicked off your year-end insurance policy review yet? Any changes that occurred in your personal, professional, or financial life over the past 12 months may warrant it. There might be coverage gaps that need closing or opportunities to save on your insurance costs. Even if you don’t have to make any changes to your current policies, only an insurance policy review can confirm that you have sufficient protection.
Here are some reasons to consider a year-end insurance policy review:
Changes in Insured Asset’s Value
Your next year’s homeowners insurance premiums should go up based on your home’s value increase due to factors like modifications or facelifts. If your car is an older model, assess whether you need to continue paying for comprehensive and collision coverage. Also, review your life insurance policy to fully protect your family if your income increased or decreased.
Potential Discounts
Be on the lookout for insurance discounts available due to changes lowering the risk on the insured asset. If your home is safer from a fire disaster because of a newly installed hydrant nearby, you may qualify for lower premiums. Also, don’t miss out on incentives for auto insurance due to improved driving skills.
Other possible areas of review include:
- Does your car have a new driver? You may need to update your auto liability protections accordingly.
- Did you update your home inventory with items like artwork, computer equipment, or home office furniture?
- Have you appended your newborn’s name to your health plan?
- Were there any deaths that may warrant changes to your life insurance policy?
- Has your insurer introduced any incentives this year?
- How do changes in your estate plan impact your life insurance policy?
These are some of the vital areas to include in your insurance policy review at the end of the year. Do you have any concerns about your current insurance protections before renewing coverage for the coming year? At Steve Wilk Insurance, we can provide you with the information you require to optimize your insurance coverage. Visit our office today at 310 S Main Street, Suite C, Lombard, IL 60148 for further assistance, or give us a call!