YOUR ANNUAL INSURANCE CHECKUP

We make sure our cars get regular check-ups and oil changes, and the same philosophy goes for checking up on your insurance policy.

AAA World Article

We make sure our cars get regular check-ups and oil changes, and the same philosophy goes for checking up on your insurance policy. Take time regularly to examine your insurance so you can feel good about your financial well-being.

Take a look at your current auto and home insurance coverage. For each policy, be sure of what your deductibles are (the amount of money you may be responsible to pay in the event of a claim).

Make sure you have enough life insurance coverage. The amount of life insurance coverage you need depends on many factors. Be sure to discuss your financial goals with a life insurance agent so they can help determine the right policy and benefits for you.

Change happens. Consider those changes during your checkup:

  • Did you get married or experience another life-changing event?
  • Have you renovated, downsized, or up sized your home?
  • Have you acquired a vacation or rental property?
  • Do you have a new driver in your family?
  • Have you recently acquired valuable items such as jewelry, artwork, collectible coins, or electronic equipment?

Create and review a home inventory. Take videos or photos of your home—room by room, top to bottom—and remember closets, attics, basements and garages. Don’t forget to keep a copy of the inventory online or in a secure place.

Check in on your liability coverage. Make sure the liability coverage on your homeowner’s or renter’s policy is adequate. Now may also be the time to consider getting a personal umbrella policy for additional liability coverage for those unexpected moments.

Completely evaluate your auto coverage. The little things could end up saving you big in the long run. If you have an older vehicle, you may want to remove collision coverage to save money on your annual premium. If you’ve changed jobs, retired, or plan to go on more (or fewer) long-distance road trips, you may want to adjust your policy to reflect the number of miles you intend to drive.