Getting Ready for 2015? It’s Time For Your Year-End Insurance Review
With the end of 2014 and the start of 2015, I’m sure that you too are amazed that another year has come and gone. I keep wondering where 2014 went and how am I ever going to get caught up!
To get a firm hold of the new year, I suggest reviewing your insurance policies to make sure that they’re reflecting what’s going on in your life. Let’s face it, a lot can happen in a year, and your insurance policies need to reflect those changes. Here are some things to keep in mind.
- If you expanded your home, remodeled your kitchen, or created a master suite you may need to add the cost of your home improvement project to your home’s dwelling coverage to ensure you have enough insurance to replace your home.
- Did you update your wiring, HVAC system, or plumbing? What about replacing your roof? They kind of updates may lower your annual insurance premium. Give us a call to let us know if you made any of these updates.
- Did you add or activate a monitored alarm system? That’s also worth a discount!
- If you work from a home office, determine how much you paid for home insurance for the year. You’ll need this for taxes.
- Did you buy a new car this year? Make sure the uninsured/under insured motorist property damage coverage is enough to cover your loan amount should you get into an accident and the car is considered a total loss.
- If you drive an older car which has no loan, it may be time to remove the collision deductible and move to liability coverage, which provides a nice savings. Before you make this decision, determine what your car’s trade in or sales value and whether or not it’s worth it to maintain full coverage.
- Has your income increased? You may need to increase the limits on your liability coverage to better protect yourself financially.
- If you itemize your deductions on your tax return, figure out how much you’ve paid for car insurance for all of 2014.
- If you got married, had or adopted a child, divorced, or had some other life event, review the amount of life insurance you have to confirm there’s enough to take care of your survivors
- If the only life insurance you have is through your employer, consider getting your own policy so you have coverage whether you’re employed or find yourself searching for a job.
- Review the beneficiary information to determine if you need to update it.
- Don’t forget to let spouse, partner, and survivors know where the policy is filed. Include contact information for the company and your agent too!
- For people with an individual health insurance policy, review your coverage and deductibles to determine if any changes are needed.
- Self-employed individuals with a health savings account should confirm they’ve contributed the maximum amount before year’s end as it may help reduce your taxes.
- If you turn 65 in the coming year, it’s time to get educated on filing for Medicare, as well as the optional supplemental plans. A great source of information is www.medicare.gov.
Still have questions? Give us a call and let’s talk about your insurance needs.