What to take into account when reviewing your insurance policies at the end of the year.
In addition to all the parties and festivities that this season brings, it’s also a time for resolutions and introspection – even in the insurance world. Now is a good time to do some financial planning by reviewing your insurance policies. Not only does this help you to understand your coverage but it could even save you a few pennies!
Here’s what to look out for when reviewing your personal insurance policies.
- Do you have an older car with no loan? It could be time to raise your deductible or drop comprehensive and collision coverage. Before doing do, find out what your car’s trade-in or sales value is and whether or not it’s worth it to maintain full coverage.
- Did you buy a new car this year? If you don’t have uninsured/underinsured motorist property damage coverage, it may well be worth adding it on now. It should be enough to cover your loan amount if you are involved in an accident and the car is considered a total loss.
- If you added square footage, remodeled the kitchen or created a master suite, you may need to update your homeowners insurance. When your home’s value increases, so does your home insurance policy.
- Adding a pool, trampoline, or rescuing certain dog breeds may require higher liability coverage.
- Update your home inventory to include your precious gifts that you received underneath the tree. If you were gifted high-value items, such as art, jewelry, and antiques, you may need additional coverage to include these belongings.
Do you need help selecting personal insurance policies? Before the year is up, give Massive Insurance a call – Our team of experts in Glendale, California can help you determine what policies, deductibles, limits, and premiums are right for your needs so that you can enter the new year worry-free.