Happy New Year! I hope that everyone had a fantastic holiday season with your friends and family, and your 2024 finished on a high note.
I wrote an article last January regarding the importance of reviewing your insurance portfolio and making it a New Year’s Resolution. I focused mainly on Home and Auto Insurance, as we’ve seen numerous changes in the auto & home insurance industry in the past few years, so it’s still important to put those two at the top of our checklist. With that being said, we can’t forget to review our life insurance, business insurance, and specialty products.
Benefits of reviewing your insurance portfolio in January include the following:
- Looking ahead to the new year and anticipating new insurance needs
- Looking for additional discounts you may be eligible to receive
- Knowing the coverages and deductibles currently in place
- Changing coverages, limits, and deductibles to reflect new needs
- Peace of mind that your assets and family are properly protected
AUTO INSURANCE – The auto insurance industry has had its own challenges in the past couple of years, especially here in California. We have different underwriting challenges compared to the majority of the country, not to mention, a lot more attorney penetration and lawsuits. Where you drive, how many miles you drive, the driver’s age, driving record, type of vehicle you drive, and the replacement value are also major considerations when rates are being determined. It’s important to reach out and see what the available discounts are, from good student discounts for your kids, to senior driving discounts for you. Are you eligible for an affinity discount, due to your employment? Educators, Doctors, Registered Nurses, Police Officers, Fire Fighters, Scientists, CPA’s, are just a few that are eligible. Multi-Policy Discounts and many more….Ask your agent/broker for further advice.
HOME INSURANCE – Arguably the most difficult line of business the last couple of years. Rates have been increasing at an alarming rate and many carriers are still not writing insurance in California. A major wildfire in Malibu is still only 40% contained as I write this article in Mid-December, so we obviously have fire issues in our state. Is your home replacement value correct? Remember, your replacement value differs from your home’s market value. It’s still very important to review your coverage, especially if you’ve had any renovations to your home. Any new tech purchases? Jewelry? Art? Some of these items have limits, so it’s important to contact your insurance advisor to confirm that your contents are covered properly and you’re receiving eligible discounts.
BUSINESS INSURANCE – A BOP or Business Owner Policy is very similar to a homeowner policy, as both are package policies that cover the dwelling (if you own the building), contents, and liability coverage. The business policy may be a little broader, with more bells and whistles, as the potential for a liability loss is higher than your personal home. Like home insurance, the business insurance climate has been difficult in California the past few years. Fireline issues in our state have been a huge contributor that’s kept reinsurance companies from wanting to do business here. Are you receiving all of your eligible discounts? Have you reviewed your Workers Compensation Policy? Lot’s of questions to ask yourself and review with your insurance advisor.
LIFE INSURANCE – A Life Policy is the one insurance product that’s guaranteed to be used, as we’re all going to pass away eventually. Yet most people hate talking about it and are either uninsured or underinsured. If you have a life policy, it’s important that you keep it updated. Have you had any life changes? New job? New home? New wife? Child? Inheritance? So many potential life changes should be considered when determining how much life insurance is needed. Should you have a Term Policy or a Permanent Policy that builds cash value, or a combination of both? How long should I keep my policy? Again, there are so many variables to consider, and a big reason why you need to review your life insurance needs with your agent.
SPECIALTY PRODUCTS – RV’s, Motorcycles (street & off-road), Boats, Jet Skies, Snow Mobiles, Off Road Vehicles (ATV’s, Side by Sides, Dune Buggy’s, etc…). These vehicles tend to be neglected when it comes to reviewing your entire household. In fact, many times they’re forgotten until you’re out on the river on your boat or in the desert with your Can-Am desert toys. Believe it or not, liability issues are just as prevalent with our toys.
Call your insurance professional today and set up a review to go over your entire insurance portfolio, you’ll be glad that you did.