The beginning of a new year is a good time to review personal finances in order to determine if you need to make any changes for the upcoming year. Your insurance policies are a good place to start.
Auto Insurance. Often, significant savings may be realized by increasing your deductible. It is always wise to review your deductible with your insurance agent annually to determine whether your current deductible is appropriate for your circumstances.
Home Insurance. Has your coverage kept up with the price of your home? Is your deductible appropriate for your potential losses? Further, you should update your personal property inventory each year, not only to confirm that you have enough coverage, but also so you may verify what your actual loss is in the event of a claim.
Life Insurance. Do you have term policies that will soon expire? As we get older, our life insurance needs often change. Depending on the age of your children, your assets and your retirement plan, you may be able to review your annual life insurance premiums. An annual review of your beneficiaries is also advised.
Health Insurance. Besides taxes, the one thing you can count on every year is paying more for insurance and getting less coverage. Quitting smoking, losing weight and exercising may reduce your health insurance premiums.
Although apparently obvious, most people do not read their insurance policies. An annual review of every insurance policy may not only save you money, but also save you time and grief in the new year.