The start of a new year is the perfect time to review and optimize your insurance coverage. Whether focused on securing your family’s future, protecting your assets, or saving money, these tips will help ensure you’re ready for whatever 2025 has in store.
Review Your Current Policies
Life changes quickly, and your insurance should keep up. Make it a habit to review your policies annually:
Home Insurance: Update coverage for renovations, new appliances, or valuables purchased during the holidays. Insurance carriers have made many changes to coverage over the last several years to account for climate-related losses, particularly involving reductions in coverage for roofs and siding. A full review with your agent to understand the impacts of these changes on your insurance program and how these may affect loss payouts is imperative.
Auto Insurance: Report changes such as a new car, reduced mileage, or a new driver in your household.
Life Insurance: Ensure your policy reflects any significant life changes, like a new child, marriage, or retirement.
Reassess Your Deductibles
Adjusting your deductibles can help lower premiums, ensuring sufficient savings to cover the deductible in case of a claim.
Prepare for Weather-Related Risks
With extreme weather events on the rise, ensure your coverage protects against risks specific to your area:
Flood Insurance: Home insurance doesn’t typically cover floods, so consider adding a separate policy.
Storm Coverage: Check if these events are included or need additional coverage.
Maximize Your Health Coverage
Make the most of your health plan by:
- Scheduling annual check-ups and preventive screenings.
- Reviewing prescription coverage and costs.
- Utilizing wellness benefits, such as gym discounts or virtual healthcare services.
Plan for Major Life Milestones
Big life changes often require updates to your insurance:
Buying a Home: Ensure your homeowners’ insurance aligns with your mortgage requirements and adequately covers rebuilding costs.
Growing Your Family: Update life and health insurance policies to include new dependents.
Retirement Planning: Consider long-term care insurance to protect against future healthcare expenses.
Don’t Forget Liability Coverage
Make sure you have sufficient liability coverage, especially if you:
- Own a home or rental property.
- Drive a vehicle frequently.
- Host events or gatherings.
An umbrella policy can provide extra protection for unexpected incidents.
Check Your Coverage Limits
Underinsured policies can leave you vulnerable. Confirm that your coverage limits reflect the current value of your assets, especially if you’ve experienced financial growth.
Understand Policy Exclusions
Every policy has exclusions, such as events or damages not covered. Review these and address any gaps with additional endorsements or riders.
Secure Your Business with Comprehensive Insurance
If you’re a business owner, consider the following:
Property Insurance: Protects your office, equipment, and inventory.
Liability Insurance: Shields your business from legal claims.
Business Interruption Insurance: Covers income loss during unexpected shutdowns.
Keep a Digital Record of Your Policies
Store digital copies of all your insurance policies and important documents. This makes them easy to access during emergencies or when filing claims.
Schedule an Annual Review with Your Agent
Your insurance Agent is your best resource for ensuring you’re properly covered. Schedule a meeting to discuss changes in your life, coverage needs, and potential savings opportunities.
Protecting what matters most is our priority.
Let Farmers Union Agency help you secure peace of mind and financial stability. Contact us at info@fuainsurance.com or call (800) 229-1064.