Insurance Resolutions For The New Year

Around this time of year, many people start making New Year's resolutions. These include eating healthier, losing weight, paying off debt, setting new salary goals or starting up a new business. But one area of your life, your financial well being, is where it makes sense to create some resolutions for the New Year with your insurance coverage.

Now is a good time to examine your current insurance coverage to determine if you have too much or too little coverage, and whether you can save money in the process. At J.P. Perry, we have compiled a list of insurance-focused New Year's resolutions to help you head into the year with confidence knowing you are properly protected.

Having Adequate Protection For The Road

Now is a good time to look at your auto policy in detail because it is easy just to renew it automatically. You need to ask questions such as... are my coverage limits enough? Am I covered if a driver hits me and they don't have insurance? If my vehicle has aged, do I really need as much coverage as when I purchased my vehicle? Your J.P. Perry agent can help you make these evaluations.

Having My Home Fully Protected

Your homeowners' insurance is designed to cover your personal possessions if you have a covered loss, but only up to your policy limits. You need to consider that over the past year, did you do any home improvements or additions that could affect the value of your home? Did you purchase expensive jewelry or art or even a big entertainment center this past year? What about buying a new boat or RV? So now is the time to update your home inventory and reassess your coverage. 

Having Protection Beyond Home And Auto

If you haven't already considered it, perhaps an umbrella policy would be a great safety net for unforeseen incidents. It's a great extra layer of protection for your home, auto and other primary liability coverages. And if you do have an umbrella policy, have you done anything throughout the year that would require that you update it, such as adding a swimming pool? Obtaining a new dog? Started coaching a youth sport team? There could be things you are now doing that you didn't think should be covered by a liability policy.

Having Protection If I Am Disabled

If you or your spouse are unable to bring home your regular paycheck due to a medical issue, you will want to have the ability to protect that income. Disability insurance provides the coverage you need in case you are no longer able to work. Many people mistakenly believe that they can get this coverage through their employer's workers' compensation policy or through Social Security Disability Insurance. However, workers' comp only covers work-related injuries and Social Security is very restrictive to their guidelines. For complete peace of mind, a separate disability policy could be your best answer.

Everyone's situation is unique and your insurance needs might require other special coverage we haven't mentioned here. Plus, you may be underinsured in some areas and overinsured in others. Your J.P. Perry agent is always available to help you evaluate what you will need for the New Year.