Setting Your Insurance Resolutions

It’s not just your weight or your budget that you might want to make changes to in the New Year. Your thoughts about insurance and the way you see it fitting into your life might be good candidates for change as well. Here are a few tips to help guide you toward setting the right insurance resolutions:

• Stop thinking minimums: Some people buy insurance just to keep their state and lenders happy. Buying just the minimum amount of insurance necessary to comply with lenders and regulators can leave you and your family exposed to unnecessary financial risks.
• Think about the legacy you want to create: Life Insurance is about more than replacing an income for your family; it’s about finding the means to create the legacy you want to leave behind. Before you can do that, you need to know what your ideal legacy is.
• Stay on the lookout for ‘soft’ spots: While it’s a good idea to do an insurance review annually, it’s an even better idea to identify any areas where your coverage falls short throughout the year. By keeping your eyes peeled and thinking about risk, exposure and protection on a more frequent basis, you might identify these situations more often and prevent coverage shortfalls from causing you financial harm.
• Have your valuables assessed: If you chose limits by estimating the value of some of your higher-end antiques, art and jewelry, then this year resolve to actually get these items assessed by a professional. Not only can this help your legacy planning efforts but it will also ensure that your home insurance limits are adequate.
• Read your policies: Reading your insurance policy document is the best way to get educated about what it does and does not cover. Not only will this help you get the most out of your policy but it may also help you determine any shortfalls that could occur and plan for them before they do.
• Work with your agent on an insurance review: If you haven’t already planned to do an in-depth insurance review with your agent, your first resolution can be to do so.

Insurance is a vital aspect of your family’s financial plan. Don’t relegate it to the back corners of your mind throughout the year.  Instead, integrate it into your daily life so that you can make sure you get as much out of it as you need to. For more tips or to make changes in your policies, give us a call at 305-270-2100.

At Filer Insurance, Inc., we have been providing Home, Auto and Business Insurance in Miami and South Florida since 1919.  We would very much like to have you as one of our customers.  Please give us call or come by our office for a free quote on your insurance.

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