Here’s what you should look for during your New Year’s insurance review.
The start of the New Year is a great time to look over your various insurance policies and make changes to your coverage to ensure that you have the necessary protection for the coming year. But what exactly should you be looking for during your insurance review? Here are some of the sections in your various policies that you should focus on.
- Your Deductibles
By now, you probably know that your insurance deductibles and your premiums have an inverse relationship. This means that the higher your deductibles, the lower your premiums will be. Policyholders are encouraged to assume a higher deductible as a means of saving money on their coverage. So, during your review, look at your deductibles and decide if you can afford to raise them. Keep in mind that you should never raise your deductibles to an amount that’s higher than you can comfortably afford, as this could prevent you from accessing your insurance when you need it most.
- Your Coverage Limits
You should also review the coverage limits on your different policies to ensure that they are high enough to offer you the comprehensive protection you need. Oftentimes, insurance coverage limits need to be adjusted annually to match the policyholder’s income, investments, and other assets.
- Your Coverage Gaps
Finally, you also need to look at your policies and determine if they are capable of offering you the comprehensive coverage you need. In some cases, simply raising your coverage limits will not offer you an adequate amount of protection. If this is the case for you, consider securing brand-new policies or securing insurance endorsements to address your coverage gaps.
These are some of the things you should look at during your New Year’s insurance review. Do you have questions regarding your various insurance needs? If so, don’t hesitate to contact the experts at Steve Wilk Insurance. Check out our new office at 310 S Main Street, Suite C, Lombard, IL 60148.