Assess Your Insurance Needs

The start of a new year is a good time to take inventory of your insurance policies. Just like subscription costs, you could be paying for coverage you don’t even use. Instead of simply paying for the policies you’ve always had, use this guide to assess your insurance needs.

Why Now?

You want to review your insurance to make sure you’re getting the right amount of coverage and not paying too much. Review your health, car, home, and other insurance policies any time you have a life-changing event. However, the new year is a good time to do a quick insurance review and checkup.

Life Events are Key

There are several life-altering events that should have you considering new/different insurance coverage. Here are some events that might warrant a change:

• Change in Family. If you had a baby, got married, or divorced, you should review your policies. You might qualify for an auto insurance discount if you and your spouse combine policies. If you got divorced, you likely have a new residence, thus you need to make changes to your homeowner’s coverage.

• Adding a New Driver. You’ll need to alter your auto insurance when your child turns 16 and gets their driver’s license. Be sure to add them onto your policy, as it’s much cheaper than having them get their own.

• Employment Change. If you change jobs, there could be income-related implications, so be sure to review your policies.

• When You Stop Working. You will likely need to change your policies when you retire. Perhaps you’ve downsized your home, or maybe you’re drive less because you’re not commuting to work. Chances are your insurance needs in retirement will be different than your needs during your working years.