New Year Insurance Resolutions?

Every year, New Year resolutions are usually quickly forgotten and we are back to our old ways.  What if there were resolutions that were easy to make, and stick with, that actually benefitted your entire life and maybe even saved you money?

If you are looking for ways to improve in 2015 we would like to suggest a few “insurance resolutions” that are quick and easy to commit to.

It involves taking a look at all of your insurance coverages – auto, home, life and health – and really diving into each policy and see if you can or should make any changes. Not only do you want to make sure you have enough coverage, but you also want to make sure you don’t have too much coverage.

Here are some specific insurance resolutions you can make:

Auto

Make sure your agent not only knows the make, year and model of the car you’re driving, but how your vehicle is being used.  Perhaps you are no longer working and you’re a stay at home mom.  The number of miles you drive makes a difference in the amount of insurance you pay.

If you have an older car, maybe consider dropping collision and comprehensive coverage to save money. Collision insurance would pay the costs of repairing your car following an accident; and comprehensive insurance pays for losses not caused by accidents, like theft or fire. Your insurance will only repair or replace the value of your vehicle, so paying for full coverage on an old car may not be worth it.

Home Inventory

If you don’t have a home inventory of your household possessions, you should. You’ll need an accurate list if you ever have to make an insurance claim for fire, flood, theft etc.

If you don’t want to take the time to write everything down, then just take a video recording of your entire house.  Then you’ll have proof of what you actually had. Some things could be worth a lot of money in your home – computers, iPads, cell phones, stereos, clothes – if so, you may want to consider a separate rider on those items.

Finally, make sure your home owners insurance coverage is adequate enough if you ever have to repair or rebuild at today's construction prices. You want to make sure your insurance payout will be enough for you to rebuild your home if you have to.

Life Insurance

Have you quit smoking?  Lost weight?  Are you off medications? If your lifestyle has changed dramatically, you may be able to reduce your life insurance costs.  Regardless, it’s a good time to take a look at your policies and make sure you and your spouse have life insurance and that you have adequate coverage to replace lost income for both of you if anything should happen to either of you.

Health Insurance

You may be able to trim your health insurance costs this year too! You have to become more educated and aware about your health insurance options.  If you are a healthy person who rarely goes to the doctor, it may make sense to seek a lower premium with a higher deductible.

If you don’t have health insurance at all, have minimal insurance, or a high-deductible plan, then negotiate when you receive that medical bill. Don’t be shy about asking for a break. Every doctor or hospital won’t give you a break, but some might. It doesn’t hurt to ask.

By starting the year right and doing these four insurance resolutions, you’re set for a long time – maybe life.  At least until a life changing event happens that makes you update your insurance policy again!

If any of these insurance resolutions interest you, visit our website or give our office a call and ask one of our agents how you can make a change that will improve your lifestyle in 2015. (229) 242-4560. Valdostainsurance.com