Another long year has passed and it’s time to look ahead towards the coming year. While most are considering weight loss plans and other resolutions, or simply enjoying the New Year revelry, there is also a time where you have to evaluate your 2018 finances. It may not sound too exciting, but your insurance coverage is a big part of your 2018 plan. So before you put it off or forget to do it altogether, here are some 2018 insurance resolutions for the new year.
Check In With Your Agent
Far too many insurance customers are content to pay their insurance bills and never contact their insurance agent. While it may be easy to get into this routine, it’s always wise to reach out to your agent every year or so. This gives you an opportunity to ask about policy changes or new coverage options that are available, and you never know what you might learn about the coming year. Your situation may have changed the past year as well. A new pet, an inheritance of valuables, or many other changes could necessitate an update to your policies in 2018. Don’t just sit back and assume everything will be the same this year! Reach out to your agent and talk about your plan for 2018.
Look At Your Renewal Dates
While we’re talking about checking in with your insurance agent for 2018, it’s wise to mention policy renewal dates. A policy renewal date is another chance to evaluate your coverage, consider changes and even try to save a little money in 2018. There are a few ways you can check on renewal dates. First you can pull up your policy documents, either the paper documents you’ve saved or log on to your insurance dashboard. Often your insurance company will send renewal notices in the mail about a month or so in advance. Always make sure to open your insurance letters when they come in to stay on top of things. Of course if you’ve signed up for paperless billing, you may not receive any letters from your insurance company, only digital documents. Finally, you can always email your insurance agent and ask on renewal dates. You can do this at the same time when you check in with your agent about 2018 changes and coverage options.
Ask About Bundling Options
As we just mentioned, chances are one or more of your policies are set to renew in the next few months. While in the past it may have made more sense to get homeowners or renters from one insurance carrier and auto from another, that might not be the best option in 2018. Bundling coverage is one of the most powerful tools insurance agents possess that can save you money, and it is absolutely worth investigating each renewal period. Even if bundling with a certain company wasn’t the best option last year, it could be this year. Don’t forget to ask about bundling deals in 2018.
Pay Your Coverage 6 Months At A Time
This may be a no-brainer for some customers, but many others opt to pay one month at a time for certain reasons. Often some customers are weary to pay so much up front, and it is more comfortable to go month to month. However paying your insurance six months or a year up front will almost always save you money. Even if you can’t afford it all right now, it’s wise to start a savings plan so you’re ready to pay later this year or next year. The potential for savings can be pretty substantial, and it the long run it’s the best option for every insurance customer.
Add Umbrella Coverage
When we’re younger and first need insurance coverage, be it auto, renters or even homeowners, we’re inclined to purchase only the bare minimum of coverage we need. After all money is tight and your overall assets are often fairly low. However as we get older, we all need more insurance coverage to protect our growing assets. Even good insurance policies have limits, and those coverage caps can be costly in some worse case scenarios. For example, let’s say you’re involved in an extremely expensive claim. Once your primary policy is exhausted, be it homeowners, auto, or other coverage options, you’re financially liable for any other costs. Umbrella coverage gives you another tier of coverage should you ever need it, and if you can afford it, you should definitely investigate it with your agent. In many cases you can bundle Umbrella with existing coverage options to maximize your savings. If you haven’t thought about umbrella coverage for 2018, now is the time.
Insurance Resolutions 2018
These are just some of the resolutions we suggest considering in the coming year. While we have no doubt 2018 will be a great year for you and your family, you can make it an even better one by evaluating your insurance coverage early in the year. Here at Square State Insurance we’re always eager to help our customers save money and get the best coverage for their individual needs. Contact us in 2018 so we can help you make the most of another long year. We wish you a Happy New Year!