Here are some of the things that you should focus on during your New Year’s insurance review.
The start of the New Year is a great time to reflect on all of the life changes you have experienced in the past year. It’s is also a great time to review your various insurance policies and determine if you need to make coverage updates. Are you ready to review your insurance policies but not exactly sure where to focus your attention? Here are some things you should consider during your insurance review.
- Your Deductibles
One thing to consider when reviewing your insurance is your deductible amount. On any insurance policy, the deductible is the amount of money you agree to pay out of pocket towards an insurance claim. Your deductible and your premiums have an inverse relationship; this means that the higher your deductible, the lower your premiums will be, and vice versa. Policyholders are encouraged to raise their deductible amounts as high as they can comfortably afford. This way they can save on their insurance premiums while still being able to access their insurance coverage when they need it. If you can afford to pay a higher deductible amount, inform your agent so you can save a little more on your coverage costs.
- Your Coverage Limits/Gaps
Now is also a good time to review the coverage limits on your existing policies. When it comes to your personal insurance, your coverage limits should be high enough to protect assets such as your income, savings, investments, and so on. If your assets have increased over the past year, you need to increase your coverage limits to ensure that your policies are offering you the appropriate coverage. In some cases, simply increasing your coverage limits will not be enough. If your current policies are creating coverage gaps, consider securing new policies or adding endorsements onto your existing ones.
These are some of the things you should focus on during your annual insurance review. Do you have additional questions regarding your personal insurance needs? If so, contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California to get started today.