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It’s the time of year for New Years Resolutions, goal-setting and fresh starts. Now that the holidays are over and we’re starting a new year (and a new decade!), it’s the perfect time to make sure you have everything in order when it comes to your family’s insurance coverage. Taking a small amount of time to check a few important items off of your list can set you on the right track for the year! 

And if one of your goals for 2020 involves saving money, the right insurance coverage can help you achieve that goal, whether you’re saving on premiums now or have the right protection if something unexpected happens later in the year. Let’s get started! 

Update your insurance agent about life changes that could affect your policies 

A lot can happen in twelve months! January is a great time to take stock of what’s changed in your life over the past year and consider whether those changes might warrant an update to any of your insurance policies

Did you get married or divorced? You may need to update your coverage amount or change your beneficiaries. If you welcomed a new member to the family in 2019, you’ll definitely need to take a look at your life insurance policy. A new job can also warrant some changes to insurance policies, especially if your income changed. If you moved last year, take another look at your homeowners or renters insurance policy, as well as your life insurance policy. 

Other changes that could affect how much coverage you need include the purchase of an expensive item, an increase or decrease in the amount of time you spend driving, or a home remodel. 

Make sure you understand your insurance policies and the coverage they provide

If you simply renew your insurance policies once a year and don’t think too much about the details, now is a great time to sit down and look through your policy and its coverages. You may not realize you’re underinsured – for example, most states legally require a minimum amount of auto insurance coverage, but an accident may cost far more than the minimum limits mandated. The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury protection per person and $300,000 per accident. 

To learn more about various types of coverage and what’s right for you, get in contact with us or browse the resources on our blog

Consider additional types of insurance to eliminate coverage gaps

Now that you’re clear on the coverage you do have, let’s take a look at the coverage you’re missing. 

Invest in Life Insurance. Life insurance is the biggest investment you can make in your loved one’s security. Many people think that if they don’t have children, they don’t need life insurance. But life insurance protects your spouse and other members of your family too – in the form of income replacement, debt repayment and payment for final expenses such as medical bills and funeral costs. Some life insurance offers living benefits, too. 

Consider Umbrella Insurance. Experiencing a major insurance claim or lawsuit could lead to personal financial loss if costs exceed coverage provided by your standard policies. An umbrella insurance policy acts as an extra layer of protection and can help protect your financial future. You may especially want to consider an umbrella insurance policy if you have a pool or trampoline on your property, own a rental property, or use a boat or other recreational vehicle. 

Other specialized insurance policies you may consider include pet insurance, rental property insurance, valuable possessions insurance, and flood insurance. Learn more about all the coverage available to you here

Update your home inventory 

Once you’ve taken an in-depth look at your homeowners or renters insurance policy and know your policy limits, you need to update your home inventory and make sure everything you own is covered in the case of a loss. This is especially important if you’ve bought or received expensive items in the past year (or since you last updated your policy), such as electronics or jewelry. 

Schedule an insurance review with an SBI Agent 

The best way to find out if you have the right coverage and whether your life changes warrant an update to your policies is to speak with your insurance agent. We’ll help you figure out what you need and how to make sure you’re protected, with a plan that’s just right for your budget. Get in touch with us today and set up a meeting by filling out the form below, or calling us at 636-583-2313. 

Happy New Year from SBI!