Does the new year mean you need a new insurance policy?

Does the new year mean you need a new insurance policy?

2019 is just around the corner, and you’re probably starting to think about making your New Year’s resolutions once again.  Most people look at New Year’s resolutions as a time to make some lifestyle changes such as eating a more healthy diet, losing weight, spending more time with friends and family, or giving more time and money to charitable causes.

But, how many New Year’s resolutions center around doing an annual insurance check-up? Many changes can occur in the space of a year that can affect the protections that your insurance policies provide for you and your family.  

Therefore, it’s a good idea to start out the new year with a review of your current coverages and updating any insurance policies that no longer provide you or your family with adequate protection. Depending on any major life changes that may have occurred during the previous year, you may find yourself in need of new insurance policies.

Review your existing policy

You may be surprised to discover how all of the different life changes that you may experience in a year’s time can affect you auto insurance coverage such as getting married, having children, buying a new car, or getting a new job. Even moving to a new house can have an affect on your car insurance premiums because you may qualify for a homeowner’s discount or be able to bundle your auto and homeowners insurance policy to get more savings.  

An annual review of your auto insurance policy may reveal gaps in coverage which means that you could be an “underinsured motorist” or have overlaps in coverage which can leave you paying for coverage that you don’t need.

Perhaps you’ve remodeled your kitchen or bathroom or added mother-in-law’s quarters to your house during the previous year.  Major renovations can increase the value of your home which can result in the need for increased homeowners coverage. If you made some high-priced purchases such as jewelry, antiques, or electronics, it’s a good idea to review your policy to determine whether you need to increase your coverage as well as coverage limits.

Planning for years ahead

You may already have a life insurance policy, but if you’ve developed a serious medical issue or have had an addition to the family, your life insurance needs have changed. You need to make sure that you have enough coverage to protect your loved ones in the event of your death.

With the new year fast approaching, a good New Year’s resolution would be to make an appointment with Daniel Fraisse, Los Angeles life insurance policy broker.  Dan will sit down with you to review your current life insurance coverage and make recommendations for changes to an existing policy, if necessary. If you’re buying life insurance for the first time, it helps to have someone with Dan’s experience in your corner.