New Year’s Resolution Insurance Checklist

The New Year is always a great time to set goals!  And while you may be focused on tackling challenges or obstacles you might be facing in 2021, this is also be a great time to evaluate your insurance needs, just to ensure you’re protected and on track.

As you know, a lot can change in a year and when you reflect on the last twelve months, you might realize that some of those changes could greatly affect your insurance needs.

With that said, we’ve fashioned a list of insurance-focused New Year’s resolutions, which we hope can help you set things in motion and head into the year with confidence knowing you’re properly protected and prepared as possible.

It’s easy to renew your coverage year after year without giving it much consideration, but now is the time to give all of your policies a solid once-over — ask yourself these questions to make sure you’re getting the most out of your insurance:

When did I last check my Auto Insurance Policy and are my coverage limits enough?

One of the biggest mistakes someone can make when it comes to car insurance is being underinsured. Though most states legally require a minimum amount of liability coverage for auto insurance, many accidents may cost far more than the state minimum requirements.

According to the Insurance Information Institute, the insurance industry recommends a minimum of $100,000 of bodily injury protection per person and $300,000 per accident. But to really play it safe, you’ll want to consider getting as much liability protection as you can afford. Take a look at your insurance policy — are your limits high enough?

Do I understand my car insurance coverage?

Are sure you are sufficiently protected? Make sure you hit the highway with the right coverage and coverage amounts by taking a quick look at our car insurance coverage. And if you drive for a rideshare service such as Uber or Lyft, ask a UA representative for assistance. We can help make sure you’re covered!

Am I covered if a driver hits me and they don’t have car insurance?

Look for uninsured motorist coverage on your policy or coverage summary. This type of coverage helps protect you financially in the event you’re in an accident caused by a driver who doesn’t have car insurance. It’ll even protect you if you’re the victim of a hit-and-run or if you’re hit as a pedestrian. Here’s more on what to do if you’re in an accident with an uninsured driver.

Evaluate Your Homeowners Insurance.

Did you recently make any home renovations? Maybe you upgraded your kitchen, refurbished a den or basement, or added a new bathroom? Any of these updates would affect how much your home is worth, so check in with your agent to see if you should increase your coverage. Hot tubs, swimming pools, or other fun home additions are great, but additional liability also comes with the turf. Make sure you have the right coverage in place to help you protect you, your family and your home.

Have new stuff at home? Update your home inventory.

Part of your homeowners or renters insurance is designed to cover your personal possessions if you face a covered loss, but only up to policy limits. That’s why it’s important to maintain a current record of all your belongings. Have you recently acquired anything expensive such as jewelry or art? Or maybe you finally invested in that big-screen TV you’ve been wanting. Now is the perfect time to reassess all your belongings and update your home inventory so your coverage limits meet your needs! This might be a great time to make a new or updated home inventory video. A UA agent can make suggestions and help guide you when it comes to items of high value.

Do you have Life Insurance? If not, consider investing in it.

Whether you already have life insurance or you’ve been sitting on the fence, investing in life insurance is a way of showing you care about your loved ones’ futures. If you already have a policy in place, think about how much has changed since you first bought life insurance. Maybe you got married, had your first child, or maybe you’re now an empty-nester! All these are good times to look at your current coverage.

Investing in life insurance is a crucial element of sound financial planning, and, from income replacement to final expenses, it protects your loved ones financially in more ways than you may think. Also, the cost of life insurance largely depends on your age and health, so the younger you are when you get it, the less expensive it’ll be.

Check your Life Insurance beneficiaries

Did you know that the beneficiary listed on your life insurance policy takes precedence over anyone listed on a will? For instance, if your parents are listed as beneficiary on your life insurance policy, but you updated your will with your spouse as your life insurance beneficiary, it’ll be the people listed on your life insurance policy who receive the death benefit.

Also, if you want to add or remove anyone as a beneficiary on your life insurance policy, there’s no time like the present to call up your agent and make sure you’ve got everything properly in place. Not sure who your beneficiaries are? Ask a UA agent for assistance!

Do you Have Umbrella Insurance?

Think of umbrella insurance as a super reinforced safety net for all the things that matter most to you. It’s an extra layer of protection for your home, auto, and other primary liability coverage. Imagine facing a substantial lawsuit that goes above and beyond your policy limit. An umbrella policy offers coverage for those unexpected instances where your primary coverage exceeds its limit. You might consider a personal liability umbrella policy if you:

• Own a home or rental property.
• Drive a car or participate in carpools.
• Travel
• Have dogs or pets.
• Own or use a boat or watercraft.
• Own or use an ATV, motorcycles, snowmobile or other recreational vehicle.
• Have a swimming pool or unique equipment like a home gym or trampoline.

These are all great reasons to inquire about umbrella insurance if you don’t already have it.

Ask About Insurance Discounts

Usually, your agent is on top of their game to make sure you enjoy all the discounts you qualify for, but as your life changes, so does your discount eligibility! Ask your agent if there are any new discounts to make sure you’re getting the best price for your protection.

Schedule a Personal Insurance Review

It doesn’t have to be a time-consuming hassle to cross off all the items on your insurance resolution list. Scheduling a personal insurance review for some one-on-one time with your agent will help you take care of all the updates at once. And, because your agent cares about providing you with the best support and knowledge, they’ll help you knock off a few other insurance-related things that you may not know to ask.

At United Agencies, we want to help support you and the goals you’re pursuing. Connect with an agent today to schedule a personal insurance review. Either call 1-800-800-5880 or click the button below for assistance. An agent is happy to help. You can also select which type of insurance quote you are interested in, here.

Taking the time to evaluate your insurance needs is one of the most important things you can do for you and your family. Best of luck with all your New Year’s resolutions!