Having enough insurance is necessary, but how do you know if you are sufficiently covered? It’s important to conduct an insurance review every year to ensure that you always have enough coverage in place in case an emergency happens. Having insurance will not do you any good if you do not have the coverage you need. Before the New Year arrives, go over your insurance policy checklist and make sure you are fully protected.

Protect Yourself and Your Family

Protect yourself and your family by purchasing the correct type of insurance and being alert for insurance fraud. Never give any personal information, e.g., your bank information, over the phone before verifying the insurance provider’s legitimacy. Request for copies of everything you sign and save a copy of the payment receipt for the first premium payment made for the policy. Ensure that you receive a copy of the insurance policy outlining your coverage and its limits within a month of your purchase. Discuss with your agent and research well about a policy before you purchase it.

Request an Insurance Audit

It is always a good idea to request an insurance audit from your insurance agent around the beginning of the year. An audit will show you the strengths and weaknesses of your policy and will also allow you to upgrade or downsize as needed. An insurance audit will also allow you to find out about new discounts and services that may be available to you. These audits do not take very long, and the time you spend working with your agent could save your money for the year.

Look Over Your Home and Auto Policies

Analyzing your home and auto policies once a year is extremely important, especially if you have bought or sold a vehicle or made upgrades to your home. You may also be eligible for additional discounts if you have a new driver or have added energy-saving appliances to your home. Review and upgrade your deductibles and liability coverage for your auto insurance accordingly. Talking to your agent regularly will help you discover new ways to make your home and auto policies work for you.

Check into Health Insurance Updates

Health insurance is incredibly important. Annually reviewing your policy will allow you to identify areas that may need improvement. If you have a health insurance policy through your employer, it may be a good idea to supplement your coverage on your own. This will ensure there are no gaps in coverage and that you have everything you need if you are involved in an accident or experience a catastrophic health event. Additionally, before you visit a doctor, check your provider lists, co-pays, out-of-network providers, and so on.

Do You Have Enough Life Insurance?

Having enough life insurance is a primary concern for many people. Whether you are simply trying to cover your final expenses or are trying to make arrangements to care for your family if you die unexpectedly, knowing what coverage you need is a must. This is when working with your agent comes in handy. At the end of the year audit, they can go over any changes you may have experienced. Retirement, a new child, or the loss of your job can all play a role in changing your insurance needs. Additionally, evaluate your policy features like, annual alterations in premiums, accessing cash values, etc.
Scheduling an insurance audit right after the New Year is a great way to ensure that you will always have the coverage you need. Take a few moments and contact us at Schwab Agency today! Our reputable agents have the knowledge and skills to conduct an effective insurance revaluation process and ensure you have sufficient insurance coverage and benefits.

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