January marks the start of a new year, and with it comes an opportunity to evaluate and update important areas of your finances and personal documentation. One area to consider reviewing is your Personal Insurance policies to see if there are life changes or major purchases that need to be reflected correctly in your coverage.
Discover three types of Personal Insurance you should review each year to make sure your policies are providing the coverage amounts needed for you and your loved ones, as well as your property.
Homeowners or Renter's Insurance
When you first buy a Homeowners or Renter's Insurance policy, it's based on the current value of your personal property and/or home at the time of enrollment. But, over time your personal property can change dramatically when you buy high-end electronics, collectibles, jewelry or other valuables, or your home can increase in value because of home additions, renovations, or improvements.
You should always have Homeowners or Renter's Insurance coverage that reflects the current value of your personal property and/or home. If you've made improvements or large purchases, then your coverage should reflect those changes, but if you've dramatically downsized or sold off personal collectibles or valuables, then your policy should reflect that as well.
Changes or additions that could impact your Homeowners or Renter's coverage include:
• Addition of home monitoring system
• New high-end personal property
• Room additions
• Pool or hot tub installation
• Liquidation of collectibles or valuable art
• Solar panel installation
When your Homeowners or Renter's Insurance is fully up-to-date, this means that you're more likely to have coverage that better reflects your current needs and the proper value of your home or personal property.
Your Auto Insurance coverage should also be reviewed every year to confirm it's still meeting the needs of you and all other insured drivers on your policy.
For instance, adding your teen driver will raise your auto policy premiums, but if they decide to move away for college, then your Auto Insurance policy also needs to reflect their new place of residence if they plan to take your insured vehicle with them. If you don't currently have Roadside Assistance as part of your Auto Insurance, you might consider adding it before your student moves away to school.
Other changes that might require an Auto Insurance update include removing covered parents or elderly relatives who are no longer driving. Also, if you add after-market accessories to your car or truck like spoilers, body kits, expensive sound systems, or high-end rims, then these will not likely be covered by a standard Auto Policy so you'll need to make sure your coverage is amended to reflect the value of those extra vehicle accessories.
Finally, Life Insurance is a key type of Personal Insurance policy that should be reviewed on an annual basis to ensure it will still provide the financial help and protection needed in the event of an unexpected death or accident. Your Life Insurance policy should be updated if you've experienced any of the following life changes:
• Home purchase
• Birth or adoption of children
• Death of spouse or beneficiaries
• Major health events
A good Life Insurance policy should provide the financial resources needed for survivors to remain in their home and meet expenses so they can focus on grieving and rebuilding their lives. If you haven't updated your Life Insurance policy since having more children, or becoming a new home owner, you should evaluate your current coverage amounts or beneficiaries and make the updates that better reflect your current life status.
Aegis Insurance Provides Personal Insurance Solutions
Aegis Insurance & Financial Services proudly partners with individuals and families to provide comprehensive, reliable Personal Insurance solutions at competitive rates. We offer a full range of Personal Insurance policies, including Homeowners, Renter's, Auto, Umbrella coverage, and Life Insurance to protect what matters most.
Our team of Personal Insurance experts can review your current insurance policies with you and identify any gaps in coverage or changes that should be reflected in your policies. Contact Aegis today at 713-850-7622 to discuss updating or adding Personal Insurance policies, or fill out our online form to request additional information.