Getting Ready for 2015? It’s Time For Your Year-End Insurance Review

2015 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.

Home Insurance:

  • 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.

Car Insurance:

  • 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.

Life Insurance:

  • 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!

Health Insurance:

  • 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.