5 Things to Consider During a New Year’s Insurance Review
Heading into the new year, you’ll likely plan to start fresh with some resolutions. Perhaps you want to go on a diet, start a new hobby, or purchase a new home or a car. Whatever new goals and ideas you may have in mind, make sure you take some time to perform an insurance review. There are several benefits of performing a new year insurance review.
Once you buy a new policy, it’s essential to review it occasionally to see if you have to amend your policy because circumstances have changed. If you don’t review your policy every year, you risk having a gap in your coverage. If your assets suffer serious damages, a gap in your coverage may leave you unable to cover the damages. Review your insurance coverage so that you can be sure that it will continue to protect your assets. If you don’t review your insurance coverage, you may miss out on some important benefits or new discounts.
Here are 5 things that you need to consider while you perform a new year’s insurance review.
● Are Accessories Covered?
As you review your insurance coverage, make sure that your accessories are covered. You want to have protection if you plan to install a trampoline or swimming pool in your backyard or renovate your home to make it more modern. Adding new accessories comes with an increased level of risk as well. Make sure to check your liability coverage. Hot tubs and trampolines are considered huge liability risks, so you’ll want to ensure that your policy covers them.
● Think About Emergencies
As you are performing an insurance review, check to see if your policy is obsolete. Your policy should provide coverage to help you deal with emergencies. If you plan to make changes to your home or your vehicle, make sure that you get an estimate of how much it will cost to replace or upgrade different items. This should give you a clearer idea of how to amend your coverage.
● Insuring Personal Items
As you conduct a new year insurance review, take inventory of all your belongings. Check your policy to see if you need to make any changes. In many cases, traditional policies do not adequately cover all of your personal items. This is especially true for luxury items such as antiques and special jewellery.
● Research Discounts
Part of your insurance policy review checklist should include looking for discounts. Check to see if you have all of the discounts that you qualify for. You may be eligible for discounts for having a safe driving record, using environmentally friendly products, or getting involved in your community. It’s possible that you may qualify for discounts based on your profession. Reach out to your insurance agent to see if there are other discounts that you qualify for but are not aware of.
● Specialty Coverage
If you have made significant repairs to your possessions, check to see what new coverages you should look into to stay protected. For example, if you are making changes to your basement, you may need to add flood insurance to cover the unit if a pipe bursts and damages your personal items. If you are planning to renovate your garage, you may need to add extra coverage to protect it in case of a natural disaster or fire.
A new year often leads to brand new possibilities. While it is exciting to look towards the future, you need to make sure that everything is still in place during a crisis. For more information on insurance coverage, contact the experts at Club Agency Insurance Brokerage in Garden City, New York. We are ready to help you get the right insurance coverage today.