2019 has officially arrived, and with it a slew of resolutions taken on by millions of people across the country. While we agree exercise is important, we hope that many of you will consider taking on some insurance-focused resolutions too. With that in mind, we decided to write this article outlining the three insurance resolutions everyone should take on this year.
Conduct An Annual Review
Many people have a habit of purchasing their insurance policies, then completely forgetting about them. Most people don’t need to check in on their policies everyday, but it is worth checking in on them at least once a year.
A lot can change in a year! Maybe you’ve purchased a house, or added an addition to your home. Perhaps you invested in some expensive electronics, or purchased an expensive engagement ring. All of these changes should be reflected in your insurance policies if you want adequate coverage. No one wants to buy a new TV only to realize that they forgot to insure it.
Conducting an annual review of your insurance policies will not only help you become more familiar with your coverage, it will also give your insurer a chance to talk to you about new policy changes that could be beneficial.
Create An Updated Home Inventory
The contents of a home can change drastically in a year. Remember, if you have items that are not listed on the home inventory you provided your insurer, then you coverage is likely inadequate. Your home insurance coverage needs to be enough that you can completely replace everything should the worst happen.
Taking a thorough home inventory does not have to be a time-consuming process. With modern technology all you really have to do is take pictures of each room and closet. Be sure to get specific pictures of any high-value items like televisions and jewelry. You can then put all those pictures on a flash drive and keep that in a safety deposit box for a rainy day. Trust us, having an accurate home inventory list can make all the difference should an accident occur.
Shop around! Insurance rates are constantly changing and so to are the companies that are offering them. Take the time to do some comparison shopping once a year and make sure you are getting the best coverage, at the best price you can.
Shopping around does not always mean choosing the cheapest option. Remember, premium costs are influenced by the size of your deductible. Having a high deductible can be crippling if you don’t have a lot of cash on hand.
A new year is an opportunity for a clean slate. While insurance resolutions may not be the most exciting, they are incredibly important. Taking the time to make sure you insurance affairs are in order every year will give you peace of mind for the rest of the year.
If you have any insurance questions, or want to learn more about a specific policy, we encourage you to reach out to the staff at TGS Insurance. Visit www.tgsinsurance.com to learn more.