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4 New Year’s Insurance Resolutions You can Conquer in January

Dec 1, 2018

New Year’s Resolutions are a classic tradition to ring in the New Year with hope and ambition for the months to come. Unfortunately, resolutions are notorious for falling to the wayside. In fact, studies report that only 8% of resolutions made are actually kept. Most are abandoned in the first few weeks of January, fading away slowly as life gets in the way of personal goals.

Thankfully, there are some insurance resolutions you can achieve in just the first few weeks of the new year.

Here are 4 New Year’s Insurance Resolutions that you can get done at the start of 2019 to set yourself up for success in the year to come.

Resolution 1) Take Inventory of Your Belongings

Thanks to the recent gift-giving holiday season, you may be in possession of a few new shiny possessions. To ensure all your personal property is properly insured, take a quick inventory of the items in your home.

Go to each room and snap pictures of your possessions (anything you want to make sure is noted as having ownership of). Make a list of these items and note their cost, current value, and any other specific information. Snapping a photo of the purchase receipt of big ticket items can help identify their actual cost. Be sure to save them to the cloud or on a flash drive in a safe deposit box (or both) so you can access them in case of an emergency.

It doesn’t take as long as you think and many insurers have tools to help you create your inventory list.

Accurate records like an inventory sheet will reduce the change of any disputes between you and your insurance company if a claim occurs.

Resolution 2) Review Your Current Policy

As life happens and your circumstances change, so do your insurance needs. Reach out to your agent to go over your policies and coverage limits for the coming year.

Did you buy a new car? Move properties or make additions to your current home? Do you have a teen that will be learning to drive this year? Did you change jobs so you can work from home? A change like this can cut the number of miles you drive and could positively impact your auto insurance premiums. Be sure to mention any changes that have happened recently or you expect to happen in the coming months, so your coverage matches your risk.

Make sure your home insurance coverage remains high enough if you ever have to repair or rebuild at current construction prices.

Resolution 3) Consider New Coverage

The coverage you had last year may not be enough to cover any new items you’ve come into possession of, like say, that brand-new designer necklace you unwrapped last week.

Most homeowners & renters policies have set limits for coverage of personal valuables, and you could fall far short of replacement value if you don’t have the right amount of coverage. Certain high-value items like jewelry, firearms, or collectibles, may not be fully covered under a homeowners or renters policy alone. You should consider a special rider to cover expensive items that exceed the limits of your home policy.

Other categories that usually have reimbursement limits include silver flatware, firearms, coins, stamps and furs. Be sure to read the “contents and additional coverage” section of your policy for the details.

Resolution 4) Check For Discounts

Did you know there are some simple steps you can take to reduce your insurance premiums? For example, installing alarms in your home that alert local authorities to fires or burglary may help to reduce the premium on your homeowners insurance since it can aid in the prevention and mitigation of a fire or break-in.

If you have teenagers that are or will be old enough to drive this year, ask your agent about good student discounts, and all drivers may be able to lower their premiums by successfully completing a defensive driving course.

Have you become healthier? Did you stop smoking, lose a significant amount of weight, or are you off any major medications? You may qualify for lower rates on your health insurance. Reach out to your insurance agent to go over your options.

Here’s to wishing you all the best in the year to come! Cheers!

A New Year is a new start. These quick New Year’s resolutions can help provide you with peace of mind and the coverage you need to face whatever this year throws at you.

Start your year off right by reaching out to your insurance agent. Have questions? Get in touch with one of our insurance experts through the contact form below.

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