New Year, New Goals

New Year’s resolutions are just good for the soul. I would argue the real value of resolutions is not found in my success or failure at keeping them, but in how they allow me to reflect—reflect on what my life is currently like, and what I would like for it to be like. There is so much goodness in the very process of making resolutions. There is the hope that we can change and keep growing, learning, and challenging ourselves. This hope is why I love resolutions. 

But you, dear reader, are not asking for my help with resolutions that would benefit your soul. You look this direction for riveting insurance “insight,” and boy, do I have a heaping spoonful of information for you this month. Buckle up! We are about to talk about your dreams. 

Whether your dream includes starting a business or training to run a marathon, the New Year is always a great time to set goals, and so many of us do. It’s easy to get focused on tackling those new challenges, but it can also be a great time to evaluate your insurance needs to make sure you are on track for the upcoming year.

 A lot can change in a year, and when you reflect on the last twelve months, you might realize that some of those shifts, no matter how subtle, could greatly affect your insurance needs and put those sweet dreams in jeopardy. I have composed a list of insurance-focused New Year’s resolutions to help you set things in motion and head into 2022 with confidence, knowing you’re properly protected—because even though you can’t always plan for the unexpected, you can be prepared.

When’s the last time you took a good look at your auto insurance policy? It’s easy to renew your coverage without giving it much consideration, but now is the time to give your car insurance policy a solid once-over. Ask yourself these questions to make sure you’re getting the most out of your car insurance:

 Are your auto coverage limits enough? One of the biggest mistakes someone can make when it comes to car insurance is being underinsured. Most accidents cost way more than a state’s minimum liability requirements. At our office, I recommend a minimum of $100,000 of bodily injury protection and $300,000 per accident. To play it safe, you want to get as much liability protection as you can afford. Take a look at your policy—are your limits high enough?

Are you covered if a driver hits you and he or she doesn’t have insurance? Look for uninsured motorist coverage on your policy. This will protect you financially in the event you’re in an accident caused by a driver who doesn’t have car insurance.

Let’s now consider your renters or home insurance. It is designed to cover your personal property if you face a loss that is covered; however, it will only cover your property up to your policy limits. 

 Have you added those fancy Christmas presents to your current record of belongings? It’s so important to maintain a current record of all of your belongings. This is especially important for jewelry and art. Did you finally invest in that big-screen TV? Update your coverage so you don’t have to pay out of pocket to replace them if something happened. Your agent will help you determine if you should itemize high-valued items.

 Was your 2021 resolution to renovate your kitchen or finally finish your basement? Either of those updates would affect how much your home is worth, so check in with your agent to see if you should increase your coverages. 

Whether you already have it or not, buying life insurance is a way to show your loved ones how much you care about their future. 

If you already have a policy in place, think about how much has changed since you first bought it. Have you gotten married? Had your first child? Are you an empty nester? These events are always good times to review if your coverage is the right amount to protect your family. It’s also important to check your beneficiary listed on your life insurance. If you want to add or remove anyone, there is no time like the present. 

 Don’t have life insurance yet? It is a critical part of sound financial planning. Whether it is replacing your income, taking care of your final expenses or creating a legacy, life insurance helps your loved ones financially in so many ways. The cost of life insurance greatly depends on your age, so the younger you are when you get it, the less expensive it may be. 

In addition to these items, please check with your insurance agent to make sure you are getting the maximum savings through all available discounts your company offers. In addition, ask if a liability umbrella is right for you as a reinforced safety net of protection. Finally, schedule a personal insurance review. It isn’t as time-consuming as you might think and will help you cross off all of the items here. 

I wish you the very best that 2022 can offer, my friends. Happy New Year to you and yours!