The start of the New Year is when we look back on what we accomplished in 2019 and look ahead to our goals for the coming year. This period of reflection, planning, and anticipation is the perfect time to review your insurance policies and determine if they need adjustments to protect your home, car, and life in the coming year. 

Life Insurance

There are two types of changes that might indicate that it’s time to adjust your life insurance policy: life and income. Whether these changes that happened last year or you anticipate them in the coming year, now is the time to review your policy and determine if it accurately reflects your needs regarding:

• Life Changes. Change in marital status, adding children to your family, children starting college, retirement, paying off your mortgage or death of a spouse are some events that might require adjustments to your life insurance policy. For example, with a new child or marriage, you may want to consider increasing your death benefit, but if you’ve paid off your mortgage and your child is completing their college education, you might want to lower your benefits. The death of a beneficiary to your policy should be addressed to avoid payout issues later. 
• Income Changes. If your family income has significantly increased, you might consider increasing the benefit amount to allow your family to maintain their current lifestyle in the event of your death. If your income has significantly decreased, don’t cancel your life insurance policy. Instead, talk to one of our experienced Alliance Insurance agents to find a solution that allows you to continue to protect your family. 

Homeowners Insurance

Reviewing your homeowners insurance provides a great opportunity to literally take stock of your possessions and determine the current value of your home. This audit may save you money now and keep money in your pocket later if disaster strikes. At this time you should consider:

• Market Value. Is your home worth the same now as it did when you first insured it? With the demand for homes on the rise, property values are also increasing. You may need to adjust your policy to cover the actual cost of your home to avoid coverage gaps later if there is a claim.
• Home Improvements. Have you completed a renovation or upgrade recently? A kitchen or bathroom remodel or finishing a basement can significantly increase the value of your home and you want to protect that investment by adjusting your homeowners policy.
• Personal Items of Value. While your homeowners insurance does cover basic items, such as clothes and furniture, it doesn’t cover antiques, heirlooms, wedding rings or expensive electronics. If you have these types of items or recently added high-value gifts or gear to your home, you will need a rider to assure that they will be replaced if you need to file a claim.

Automobile Insurance

Automatically renewing your car insurance policy without reviewing it can be an expensive habit. Your rates may have gone up and there are better values in the market or maybe your needs have changed. Now is the time to consider your current coverage in light of:

• New Drivers. If your new driver is using your vehicle, you will want to add him or her to your policy. Adding them to the policy avoids coverage disputes if there is an accident.
• Age of the Vehicle. As the value of your car decreases over time, you might save money by increasing your deductible or decreasing your coverage. Before taking action, speak with one of our knowledgeable agents. 
• Driving Habits. If you are driving more or less than you have in the past, you might want to adjust your policy accordingly. This is also true if you are planning a road trip when having the additional coverage gives you peace of mind. 

Life changes and your insurance coverage should change with it to protect everyone and everything you value. Sometimes this means increasing your coverage but decreasing it makes the most sense. Let the insurance experts at Alliance Insurance help you review your policy and consider any changes that make sense given your circumstances. We represent the best insurance carriers in the state and can help you find the best coverage for a price that fits your budget. Start the New Year right with the peace of mind that you have the insurance coverage you need.