Last year showed us that we never know what the future can hold, and we should be prepared for anything. As we ring in 2021, consider the things you care about most. What would happen to them if something unexpected were to occur? Would they be fully protected? This is a great time to review your insurance policies and see that everything is up to date and that you have all the coverages you need.
Let’s run through a quick insurance checklist to see if the basics are covered:
Any changes such as birth, divorce, marriage, or even purchasing of any large items such as a house are reasons why you should reevaluate your life insurance. Double-check that your death benefits are enough to cover any debt or financial gap you would be leaving behind. Make sure your beneficiaries are correct and that your contact information is up to date. If you have a term policy, is it near expiration and if so, what are your options?
Take a look at your policy and see if your coverage limits are enough for any loss you could incur. Create or update your home inventory, making sure to include any new gifts you received over the holidays. Consider having certain items appraised if needed to ensure that you are properly covered for their value. If you did any home repairs or updates, you may need to check that your insurance coverages are updated as well to cover these.
Make sure that your coverage is enough for your current life situation. Review your deductibles and make sure it is in a range you could manage should you get into an accident. If you have had any changes to your driving habits, let your agent know so that they can reflect that on your policy. Double-check that you have your most recent insurance car and your insurance company’s contact information on hand in your vehicle.
You may have recently enrolled in or changed your health insurance. Make sure you have the new cards and that your paperwork is in order with your doctor’s office. Double-check that your doctor is still in-network and read up on your coverages, so you know what to expect with any medical costs later on. If you have any vacations planned for 2021, verify you will have health coverage in those locations.
Touch base with your insurance agent and go over any changes your business went through in 2020. Make sure that your coverages are still enough for any potential losses and that any changes you made are reflected in your policy. Ask about any special coverages such as cyber liability insurance that would benefit your business.
The best way to ensure you are covered for any potential losses is to have a discussion with your insurance agent and conduct an insurance review. Give us a call at 877-GANNONS to discuss your insurance coverages and makes sure everything is good to go for the new year!