You’ve set a goal to lose 20 pounds. You plan to exercise 3 days a week. You’re going to eat healthier, sleep better, and — ah, who knows. It'll be any one of the other resolutions we Americans make each year to be better versions of ourselves.
Or perhaps you have a word for the coming year. Our word for you is “re-evaluate.”
The beginning of the year is a prime time to re-evaluate your insurance policies. While you’re taking the time to reflect on where you’re at personally and professionally, why not also see how your insurance is or is not meeting your current needs?
11 Insurance Resolutions for 2024
- Update your emergency contacts. Make sure your insurance providers have the right information for your emergency contacts.
- Shop around. Now that you’re all done with holiday shopping, it’s time to do some comparison shopping for insurance. You should do this on a regular basis to compare prices and coverage options. Your local, independent Wichert agent can help you find the best deals and most suitable policies.
- Bundle up. If you’re carrying multiple policies with several different providers, you could be missing out on savings. Check with your Wichert agent to see what policies could be combined into one bundle for extra discounts.
- Review health deductibles and coverage limits. Often, health insurance providers adjust their policies at the end of a calendar year. Make sure you are familiar with these changes and determine whether you need to make any adjustments to suit your financial situation.
- Update your life insurance coverage. Significant life changes, like a new job, marriage, or the birth of a child, impact whether the life insurance policy you have is sufficient. It’s also a good time to ensure that your designated beneficiaries are up to date.
- Look for driver’s discounts on auto insurance. If your driving habits or vehicle’s value have changed, make sure your policy reflects those changes. Now is also a great time to inquire about safe driver discounts and multiple vehicle discounts. Talk to your Wichert agent to confirm these savings are in place.
- Update your home inventory. What major purchases have you acquired this year? What additions and renovations have you made? Any new buildings or property improvements? All of these should be accounted for in your homeowner’s insurance and home inventory. Make sure your coverage limits adequately protect your home and belongings, even if you are renting.
- Review your disability and long-term care insurance. If your income has changed at all over the last year, make sure your disability and long-term care policies are sufficient to cover your needs and expectations.
- Incorporate your travel plans into your insurance policies. Are you hoping to see the world this year? Consider purchasing travel insurance to cover potential delays, cancellations, or medical emergencies while you’re abroad.
- Cover the overlooked. If you’ve acquired additional assets or your net worth has increased, you might need additional liability coverage. Umbrella insurance can close the gap between existing insurance policies and your actual value.
- Review policy exclusions and terms. No one loves reading the fine print, but every once in a while, it’s good to take a closer look at the terms, conditions, and exclusions related to your policies so you aren’t surprised when a claim isn’t covered.
What you really want to achieve, out of all of this re-evaluating, is a Goldilocks Plan: insurance that is just right for your personal circumstances. When life changes as rapidly as it does these days, an annual review to update your policies can save you big time, either in premiums now or in claims later.
If you aren’t sure if your insurance coverage is too much, not enough, or just right, connect with your local, independent Wichert agent. We are on your side to help you protect what matters most.