Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
EXPECT MORE
If there’s anything that the past few years have taught us, it’s that we should always expect the unexpected, and when it comes to the unexpected, there’s no better time to set yourself up for the best possible outcomes than the first of the new year.
As 2023 begins, take a few minutes to ensure that you have the right insurance coverage in place—especially taking into consideration the life changes that may have occurred since you last reviewed your policies. Whether you’re looking for a new policy or simply reviewing your current coverage, this checklist will help you make sure that you have all the protection you need.
Step 1: Review Your Coverage
Starting off the new year, it’s important to review your current insurance coverage and ensure that you are adequately protected. Your current insurance policies will have premiums, deductibles, and limitations on what is covered, and it’s important to make sure these still meet your needs as they may have changed over time.
You should also look into your overall coverage and determine if you have enough liability coverage to protect your assets in case of an unexpected event. If you own a home or vehicle, ensure you have adequate property and casualty insurance coverage to cover any damages. Finally, it’s important to review what your health insurance policy covers and if you need to add any additional coverage.
By taking the time to review your current coverage, you can ensure that you are fully insured for the new year and well-protected from unexpected events.
Check Your Limits
One of the first steps in assessing your insurance needs for the upcoming year is to review the limits of your current coverage—the amount your policy will pay out in the event of a claim. Different policies have different kinds of limits, such as the maximum number of days or the amount of coverage you’re entitled to in a single policy period, so it’s important to understand what your current limits are so you can decide whether they’re appropriate for your needs in 2023.
Additionally, limits can vary from year to year, based on factors like changes in the cost of living, or changes to the rules and regulations related to certain types of insurance. (For example, auto insurance limits may be adjusted depending on local traffic laws or changes to state regulations, and homeowner’s insurance limits can also change based on inflation and other economic factors.)
And, if you’re considering a major life change—such as getting married, buying a home or boat, or starting a business—it’s important to make sure that your existing limits are still appropriate for the new situation. For a comprehensive look at what you have covered already, make sure to get in touch with your agent.
Compare Quotes
It’s easy to take the first quote you get as a final estimate, but it’s important to shop around and compare quotes to ensure you are getting the best deal when it comes to insurance. That means getting a few different options for policies—and maybe sometimes even reaching out to a different agency.
Keep in mind that while cost is an important factor, the cheapest option doesn’t always mean it is the best coverage, and you should consider not only the monthly premium but also the coverage limits and deductible amounts. It may seem like a lot of work, but it’s worth spending some extra time researching and comparing options as it could save you money in the long run.
Protect Your Valuables
The holidays are a great time for new gifts, and sometimes those gifts—jewelry, vehicles, or artwork—should be protected separately from a regular homeowners or automotive policy. So, as the new year approaches, take a quick inventory of your high-worth assets, and make sure they are fully covered.
If you have acquired new items since the last time you checked, make sure to include them in your policy and increase your coverage if necessary. If your policy does not cover the full value of an item that you think may have increased in value, you will want to get it re-appraised.
Finally, make sure to keep a record of all your valuable possessions in case they are lost or stolen. This may include keeping photos and serial numbers of electronics, jewelry, artwork, and other items. Having these records will make filing a claim much easier and help ensure that you receive the full amount of coverage. Then, make sure to revisit your policy each year to keep up with changes in value and potential risks, so you can be sure that you’re fully covered in the new year.
Prepare for the Unexpected
No matter how much we plan, life can still take us by surprise. That’s why it’s important to be prepared for the unexpected with adequate insurance coverage. Consider protecting yourself and your family from natural disasters, floods, life, and other health events with individual and appropriate policies.
As an example, if you live in an area prone to flooding or natural disasters, you should consider purchasing flood insurance. The Federal Emergency Management Agency (FEMA) offers both flood insurance and mitigation assistance for those living in areas at risk of flooding. For those with health concerns, look into getting health insurance or supplemental coverage to help cover some of the costs associated with medical bills, emergency treatments, and more. Finally, if you have dependents who would be financially affected if something were to happen to you, consider getting a life insurance policy that covers your burial costs and provides financial support for your family during a hard time.
For any policy you’re considering, the main thing is to be sure to read the policy details closely so you understand what is and isn’t covered. By preparing for the unexpected, you can help ensure that you and your family are protected if anything ever happens.
...No matter your position in life, we know that protecting yourself, your family and your assets is of vital importance
With over 38 years of full-time real estate experience in the SOMERSET HILLS, I am qualified to guide my clients in buying and selling. I understand the emotional pressures and care about your decisions... call me. I care.
908 803-0472
"...the right relationship means everything..."
SERVING THE SOMERSET HILLS AREA ONE CLIENT AT A TIME
Service & Experience
Since 1983