Insurance and Your New Year’s Resolutions

Insurance and Your New Year’s Resolutions

Insurance and Your New Year’s Resolutions

Chances are pretty high that you weren’t thinking about insurance when you were watching the ball drop last night – or even when you woke up this morning to start making your New Year’s resolutions. But maybe you should have been.

There are a number of insurance-related resolutions you can make that can leave your bank account – and you – healthier and happier in 2021.

Let’s get right to it:

Shop Your Coverage

Loyalty is great, and sometimes home and auto insurance companies will reward you for it, but sometimes you (and your policies) can get taken for granted. Don’t just automatically renew your policies this year – shop your coverage with multiple providers.

Many times, you can find lower premiums when you ask for quotes. One warning: be sure you compare similar coverages and limits for your policies so you’re comparing apples to apples.

Make A Home Inventory

A home inventory is a comprehensive listing of all your “stuff.” You might not realize that standard home insurance policies cover not only the structure of your house but also the possessions inside it. Document those possessions now with photos, descriptions, serial numbers, and receipts if you have them and estimates of value if you don’t.

Having an inventory can help when it comes time to file a claim. Make several copies and store one away from the house and one electronically to ensure you can get your hands on one if disaster strikes.

Consider Your Deductibles

Your deductible is the amount you agree to pay toward a home or auto claim. In general, the lower your deductible, the higher your premium. Reconsider the deductibles on your policy – if you can set aside a larger amount now for them, you can save throughout the year on your premiums. It can really add up! But don’t take this step unless you’re sure you can come up with the money in case of an emergency.

Packages? So Soon After Christmas?

Packaging your home and auto insurance policies with the same provider – also known as bundling in the insurance world – can save you up to 20% on your premiums without affecting your coverage. What’s not to like?

In addition, some providers will only require you one deductible if your home and auto are damaged by the same peril. For example, if hail dents your roof and your car, you’d pay only the higher of the two deductibles – not both of them.

Don’t Neglect Repairs

Make sure you keep your home maintained throughout the year. A few missing shingles can quickly morph into a leaky roof or a larger hole. Electrical and HVAC systems that aren’t maintained properly can be fire hazards. Old pipes can lead to major water damage. While you’re typically covered in all these cases, you’ll have to pay that deductible – and your premiums could increase substantially.

Diet? Yeah, Sure

OK, most of us put this one on the list, even if we don’t follow it past Jan. 2 or so. But limiting the amount you eat – and the types of food you consume – can leave you much healthier. That can lead to major savings on your health insurance.

Start An Exercise Regimen

Don’t want to work out? Don’t want to run or jog? Just walk, then. Again, even small changes can lead to better health. Plus, walking or biking to work or to the store can cut down on the amount you drive. Did you know that you often can save on car insurance if you drive fewer than 10,000 miles or so a year?

Put Your Kids On An Exercise Regimen

Don’t want to exercise yourself? At least put the kids on an exercise program. Sure, you got them the Xbox One they wanted for Christmas – doesn’t that give you leverage to set some new rules around the house?

Keeping your kids active can provide a number of health benefits – plus you’ll have more quiet time around the house, which will provide a number of benefits for you.

For some folks, resolutions are made to be broken. But these insurance-based resolutions can leave you thinner and your wallet fatter! What’s better than that?

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About the Author: Forbes Times

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