Let’s make sure you are properly covered in 2021. Whether you own a house, business, or both, it is important to review your insurance policy every year. Your risk exposure might be different from the previous year and you might be under or over-insured. Reviewing your policy with your broker should not be time-consuming at all. In some cases, taking the time might save you some money.
We will be discussing different coverages that you should consider reviewing this year. Of course, everyone’s needs are different so be sure to keep in mind yours.
Many people just renew their auto policy without looking. When was the last time you actually checked your auto policy? If it has been a while, then now is the time to. Make sure that your limits are enough in case you are involved in an accident. A lot of drivers get the minimum requirements but sometimes that is not enough in case of a loss. So if you have the financial capacity, we recommend you get higher limits. Additionally, when reviewing your policy make sure you understand all the coverages provided to you. Your broker should take the time to explain them.
Did you get valuable items during the holidays such as a new TV or jewelry? If the answer is yes, then don’t forget to update your home inventory on your policy. That way if something happens everything will be covered. Like with auto insurance, make sure your limits are enough especially if you have invested in the infrastructure of your house.
If you are a business owner, then you already know how quickly things change in the commercial arena. Since you are reviewing your personal lines, why not make sure you are good for your business as well. You could even add an umbrella policy to ensure that you have enough coverage for the different risks.
And lastly… consider Life Insurance!
2020 was full of uncertainty. We hope that this year will be better, but the reality is we don’t know. Now is the time to consider life insurance to protect your loved ones in case something happens to you. If you already have life insurance, go over who your beneficiaries are and make sure everything is in place.