What to Consider During Your New Year Insurance Review

It’s time to review and update your insurance.

Whether it’s your homeowners, auto, or another type of insurance, policyholders need to review and update their policies on an annual basis. The start of the New Year is a great time to take care of your insurance review because it allows you to reflect on all the life changes that have taken place throughout the past year. Here are some things to consider as you review and update your insurance.

• Your Deductibles

One thing to consider when reviewing your insurance is your deductible amount. On any insurance policy, the deductible is the amount of money that you agree to pay out of pocket towards an insurance claim. Your deductible and your premiums have an inverse relationship. This means that the higher your deductible, the lower your premiums will be, and vice versa. Policyholders are encouraged to raise their deductible amounts as high as they can comfortably afford as a way to save on their insurance premiums. If you can now afford to pay a higher deductible amount, make sure you inform your agent so you can save a little more on your coverage costs.

• Your Coverage Limits

Now is also a good time to review the coverage limits on your existing policies. When it comes to your personal insurance, your coverage limits should be high enough to protect assets such as your income, savings, investments, and so on. If your assets have increased over the past year, you need to increase your coverage limits to ensure that your policies are offering you the coverage you need.

These are some of the things you should consider when you review and update your insurance. Do you have additional questions regarding your various insurance needs? If so, contact the experts at Promised Land Insurance Group today.