How you do know whether your current insurance portfolio fits your current situation in life? Your family, home, and career status should be reflected in all of your policies, so here is a series of questions you should consider every year to make sure you are adequately covered.
- Have you gotten married or divorced, or had a baby? When you combine households, you might be able to get lower rates on your auto insurance by having multiple vehicles and drivers on your policy. You should also look at your life insurance. If you’re divorced, you will need to make sure you change your beneficiary(ies). If you’re married, you may want to consider purchasing a life insurance policy if your spouse and/or children will depend upon your income if you die.
- Has anything changed with your household’s drivers or vehicles? Did your teenager become a licensed driver? Did you add or remove any vehicles?
- Have you added to or updated your home? If so, you should report it to your insurance agent because you run the risk of being underinsured if you don’t.
- Have you made any significant purchases, such as jewelry or fine art? Your homeowners insurance only provides limited coverage for highly valuable objects. You may want to consider adding a floater or endorsement to your homeowner policy for these items.
- Did you move? It’s important to keep your insurance agent updated on your address and contact information. Also, if you have signed a lease for an apartment or house, your landlord is only responsible for insuring the structure, not your personal possessions. Think about getting a renters insurance policy for yourself. They are usually relatively inexpensive.
- Have you had a significant change in your income? If your income and assets have increased, you may want to consider adding an inexpensive umbrella policy to your insurance portfolio in order to better protect yourself.
- Do you have disability income protection in the event that you are unable to work due to disability? Have you put into place a long-term care insurance plan as part of your retirement portfolio? The cost of elder care is already astronomical, and it is only continuing to rise.
- Are there any discounts for which you now qualify? Did you add a burglar alarm to your house? If you have teen drivers and they make good grades, they may qualify for a good student discount. Some carriers also offer discounts for those who are older than 50-55.
- Are you retired? You might be able to lower your auto insurance premiums by lowering your mileage driven, simply because you aren’t commuting anymore.
Think of an annual insurance review like a yearly “check-up” for your coverage. Talk to one of our licensed insurance professionals today at Complete Financial Group. We can help you evaluate your insurance policies to make sure you’re covered. 940-382-9300.