What you should focus on during your annual insurance review.
The start of the New Year offers a great opportunity to review your various insurance policies and make changes to prepare for the coming year. But what exactly should you be focusing on when reviewing and updating your policies? Here are some of the areas you should look at during your annual insurance review.
On any insurance policy, your deductible is the amount of money you agree to pay towards a claim before your insurance coverage kicks in. Your deductible and your premiums have an inverse relationship. This means that the higher your deductible, the lower your premiums will be. Every year, you should review your deductibles and determine if you can safely increase them. Setting your deductibles as high as you can comfortably afford is a great way to save on your insurance rates while simultaneously ensuring that you can still access your coverage when you need it.
Your Coverage Limits and Gaps
Your insurance review is also a good time to look at the coverage limits on your various policies. Because your personal insurance policies are designed to protect assets such as your income, investments, and savings, you need to ensure that your coverage limits are high enough to take care of this. If your assets have increased over the past year, make sure you increase your coverage limits accordingly. In some cases, raising your coverage limits will still not offer all the protection you need. If this is true for you, consider securing new policies or insurance endorsements to address your coverage gaps.
These are the areas you should focus on during your annual insurance review. Looking for assistance with your personal insurance in 2019? If so, contact the experts at John E. Peakes Insurance Agency. Our dedicated agents are ready to offer their expertise today.