New Year’s resolutions: weight loss, health, travel, better eating habits – just a few that are always on the resolutions list. Honestly, no one thinks about insurance – but we all should!
Life changes annually, monthly, heck – daily. We need to maintain close watch on our insurance, and leading into the new year is the best time to do it. At the end of many years, we are thinking about the things to come for the new year: the wedding, the baby, the new house. Let me ask, do you have adequate coverage for these life changes?
New Year – Auto Insurance Review
Did you purchase a new car? Sell the backup vehicle? Did you relocate?
For any of these changes, a review of current auto policy is recommended. If a new car was purchased, limits on backup vehicles can possibly be lowered or; if the backup car was sold, coverage on the main vehicle may need to be increased.
Coverages like: collision, comprehensive, and rental reimbursement should be considered for these types of life changes.
New Year – Homeowners Insurance Review
Much of the time, thought is given to the market value of the home, not a lot of consideration is given to the replacement costs of the home: repairing, rebuilding and replacing the homes structure.
Or maybe the home was remolded and updated with new inventory. Did anyone in the home buy new jewelry? Electronics? Appliances?
Coverages like: personal property, structure protection, and liability should always be reviewed to ensure that the coverage is adequate.
New Year – Life Insurance Review
No one likes discussing this type of insurance because, it isn’t a happy topic; however, a necessary one. Life insurance policies should be looked at annually because things change.
Life insurance shouldn’t be looked at as an age-associated coverage. People transition out of this life at all ages and, it’s important to protect loved ones. Picking up one’s financial burden can lead to that person’s financial crisis, who wants that for a loved one?
Some do have life insurance policies, but are they adequate? If they are not adequate it means that loved ones will have to carry the financial burden.
Life insurance provides coverage that helps with: final expenses, medical bills, paying off debt (credit cards, mortgages, other loans), and leaves a little cushion for loved ones to survive for a little while after one’s death.
The goodbye of one year is a great time to look into the future a bit and review how we are heading into the new year. A great number of new year’s resolutions are financial resolutions. Insurance is financial protection so – it makes sense to consider and review annually. We can’t ignore insurance, it provides financial protection from the unexpected obstacles of life. New year financial resolutions have to include insurance resolutions.
About Ryan Ruffcorn
Ryan grew up in Keokuk, graduated from Keokuk Senior High, and started his agency in Keokuk from scratch in 2003 after having worked for one of the largest international accounting firms, KPMG, LLP.
Ryan is hardworking; his loyal and trustworthy character is exemplified by the way he does business. He thoroughly enjoys helping clients through the insurance buying process to secure coverage for their most valuable assets.