Please ensure Javascript is enabled for purposes of website accessibility New Year Means New Insurance Coverages   - Bixler Insurance

New Year Means New Insurance Coverages  

It’s another new year and everyone is listing off their new year resolutions. Many people forgo an important resolution that should beat out going to the gym weekly or eating a cleaner diet. What is this resolution that should beat out all the typical goals? Reviewing your insurance coverages. This is a resolution that you should take into account yearly and place it at the top of your new year resolutions list. You may be asking why is reviewing my insurance coverages so important? Below, we’ve listed the importance of going over your insurance coverages for you to know what to keep an eye out for. 

Create a Home Inventory 

One of the best ways to start off your insurance coverages is by first making a home inventory. This is great for determining if you have sufficient coverages for all of the contents within your home. Below is the information needed for each item included in a home inventory list: 

  • Description of the item 
  • Make, model or serial number, if applicable 
  • Appraisals or cost at the time of purchase 
  • Where the item was purchased 
  • Date of purchase  
  • Receipts or photos in an attachment, if relevant 
  • Estimated replacement cost if you bought today 

Changes in Your Life 

As years go by there are many life changing milestones. All of these milestones can have varying effects on your insurance coverages. Milestones such as: 

  • Getting married or divorced 
  • Children leaving home/empty nest/child off to college 
  • Starting a new job or business 
  • Starting a family/birth or adoption of a child 
  • Bringing aging parents into your home 
  • Purchase or receipt of an expensive gift 
  • Death in your immediate family 
  • Paying off your mortgage 

 Important Questions to Ask 

  • Do you have replacement cost or actual cash value coverage on your homeowner’s policy? Make sure that you can tell the difference between the two options, although, replacement cost is most preferred in any case. 
  • Do you need flood insurance or sewer backup coverage? As a reminder, neither of these are covered under your standard homeowner’s insurance policy. 
  • Should you change your deductibles? Knowing the ins-and-outs of your deductibles is crucial so there are no surprises if you have a loss. 
  • Are you eligible for any additional discounts or savings opportunities? Things may have changed during the year and you might be eligible for new discounts or other ways to lower your rates. 

Take the first step into a fresh new year by reaching out to your local agent to talk about your coverage options, today.