Important Insurance Tasks for the New Year Posted on January 7, 2021 by rginsurance Here we are, starting the New Year out strong! Our resolutions are still in the forefront of our minds and we’re taking strides to meet them. For many people, a New Year’s resolution centers around making their lives better. While making a goal-setting plan for the year, make sure you include an insurance review! An insurance review helps make sure you have the right amount of insurance coverage. It also helps address any coverage gaps you might have. Here are a few things to consider when reviewing home, auto, and life insurance policies. Home Insurance Taking a few minutes to review your home insurance policy is time well spent! It can save you money (as well as headaches) down the road. 2020 was especially good for property values. Changes in your home value might mean that your property is underinsured. This can be a staggering amount if you haven’t revisited your home insurance since purchasing your home. Have you made any renovations or upgrades to your home? Things like kitchen remodeling or a finished basement can significantly increase the value of a home. A baseline homeowner’s insurance policy will provide insurance coverage for your home and belongings. However, it most likely does not cover all of your valuables. Items such as jewelry, art, electronics, and antiques are usually not covered unless you add an insurance rider. Also consider any new TV’s, laptops, or other high-value items. These items need to be added to your policy. A discussion with an R&G Insurance Agent will help you clarify which items need to be listed and what is already covered by your home insurance. Life Insurance Life is change – that’s a fact! As a result, your life insurance coverage needs to change accordingly. When a major life event happens, reviewing your life insurance is a must. Any life changes such as marriage, divorce, a new child, children going off to college, retirement or death are events that may require adjustments to your life insurance policy. What is the easiest way to tell if any changes are needed? Speaking to a life insurance agent. Our agents know the ins and outs of life insurance and will be able to advise according to your individual situation. Any income changes means you should look at adjusting your life insurance policy. This is to make sure your family can maintain their current standard of living in the event of the death of an income earner. Have you experienced a decrease in income? Cost cutting should not come at the expense of life insurance. Speaking to an agent will enable you to explore more affordable options. Auto Insurance When was the last time you checked to see if you were getting the best deal on your car insurance? If you’re like many consumers, you allow your car insurance policy to automatically renew every year without really taking a second look at it. It’s convenient, sure. But it can cost you in the long run if you don’t have the right coverage. Consider the following changes as you review your car insurance coverage. New Drivers in the Family. Do you have a teenager who just started driving? Even if they don’t have their own vehicle, they need to be added to your car insurance policy. Adding a teenage driver to your auto insurance policy can be expensive in the short term, but failing to do so could cost you money down the line if there is a dispute over coverage. Vehicle Status. As vehicles age, their values can drop significantly. You can save money by increasing your deductible, lowering your coverage or dropping some parts of your coverage altogether. Before you do anything, it’s important to discuss the pros and cons of all of your options with an experienced insurance agent. Driving Habits. Are you driving less this year compared to last year? Will you have any upcoming road trips that require additional coverage? Take the time to review these aspects each year. It will save you money and give you peace of mind! Additional New Year Tasks – Not Insurance Related! Don’t stop at reviewing your insurance in the new year. This is the perfect time of year to check a few other to-do’s off your list. Here’s a quick checklist! Change all of your passwords (and don’t use the same password for everything) Review your 401K information – are your beneficiaries up to date? Update your home inventory with any new items you acquired Set up a 529C plan for your kids to save money for college Add life insurance for all family members (even the kiddos) Install carbon monoxide detectors in your home Change the batteries in all smoke detectors R&G Insurance Associates is an independently owned and operated insurance company with 5 offices located around Maryland. We pride ourselves on offering a high level of service where clients feel like family. Come visit us at any of our five locations in Rockville, Glen Burnie, Prince Frederick, Lexington Park, and Manchester MD.