7 Insurance Resolutions for the New Year

by | Dec 22, 2022 | Insurance Blog

Do you remember the last time you evaluated your insurance policies? Well, as a new year approaches, now is a good time to reassess your insurance policies.

It is also the time to consider your insurance needs and set goals to make sure you are on track for 2023. Renewing your coverage is easy without giving it much thought, but right now is the time to give your policies a solid once-over with TSL Insurance Group.

A lot can change in a year and reflecting over the last twelve months might help you to you realize that some of those changes could greatly affect your insurance needs. For instance, if you have moved, changed jobs, added to your family, retired, or made any other life change, your policies could likely use some amending.

What matters the most to you deserves the best insurance protection, and TSL Insurance Group is the insurance agency that can suggest the best alternatives to fit your needs. Our team will analyze the various options available to you to make sure you and your family are protected in the new year.

7 Insurance New Year’s Resolution Ideas

Life Insurance

If you are the breadwinner in the family, it is important to make sure you currently have some type of life insurance to provide for your loved ones should something happen to you.

People who maintain good health and weight usually receive the best insurance rate offerings.

Also, if you already have life insurance, make sure to recalculate your coverage need. Things might have changed since you purchased the policy, such as buying a new house or paying for your kid’s education.

A good rule of thumb is to have enough coverage to at least pay off all your debts and replace income until your youngest child turns 18. Only you can answer how much coverage you need and how long you need it for.

Review Your Life Insurance Beneficiaries

It would be wise to update your beneficiaries if you have gotten divorced, remarried, have had children, or if your children no longer rely on you for financial support since you took out the policy. Also, you should inform your beneficiaries of the policies and the location since they cannot claim the life insurance payout if they do not know it exists.

Read also: How Do I Choose a Life Insurance Beneficiary?

Homeowner’s Insurance

If you renovate your home, it is important to make sure you have enough insurance to repair or replace your home and any new additions or additional structures in the event of a disaster.

For example, if you are installing a new swimming pool, you may need to increase your insurance liability limits or take out an umbrella policy for added protection.

Also, you should update your home inventory if you receive big-ticket items such as a TV, diamond earrings, or art, and add these to your homeowner’s insurance.

Keeping an itemized list of or videos can help you to know exactly what is missing, as well as have a proof for your insurance company.

Auto Insurance

With over 11% of Louisiana drivers don’t have car insurance, it’s best to include uninsured coverage in your auto policy even though it’s not mandated.

This coverage helps protect you in the event you are in an accident caused by a driver who does not have car insurance. To play it safe, you should want to consider getting as much protection as you can afford.

Read also: How Does Car Insurance Work When You Get into An Accident?  

Health Insurance

Health insurance plans cover essential benefit categories such as prescription, drugs, pediatric services, mental health and addiction services, pregnancy, chronic disease management, and much more.

When shifts in the workforce intersect with the public health crisis, it emphasizes the need for quality healthcare coverage options.

It is so important to get the right health coverage that is suited for your unique needs because it will have a great impact on your health.

But choosing one can be complicated, and with the open enrollment period ending in a few weeks, you will need to act fast.

The most crucial step for you to do is to compare the costs involved. For example, if you have built enough savings or switched jobs with a higher salary, you may want to enroll in a plan with higher deductibles but lower monthly premiums or include dental and vision coverage in your existing plan.

Disability Coverage

This provides the coverage you need in case you are no longer able to work. If you are the breadwinner in your house, a disability policy will help ensure that your family stays financially covered, so you may want to consider adding it to your policy in the new year.

Build an Emergency Fund

If you build a large enough emergency fund, it will allow you to save money on your insurance rates. This may take a few years, but it works by tucking away as much as you can each month with the goal of eventually replacing your net income for a year. Once you have a large enough emergency fund, you can raise the deductibles on your policies and lower your premiums accordingly.

Most people keep the same policies for years, but you should schedule a time to examine them in case any updates need to be made.

Even though you cannot always plan for the unexpected, you can be prepared. Examining your insurance policies now will help to determine if you have too much, or too little, and how you can save money on the overall cost of your insurance. Doing this will help to ensure you are fully protected and receive a better deal for coverage.

Read also: Ways to Keep Your Home Safe While You’re Away This Holiday Season

Focusing on your insurance new year’s resolutions will help to set things in motion and head into 2023 with confidence, knowing you are properly protected.

If you want to get 2023 off to a good start, contact TSL Insurance Group to review and get the most out of your insurance coverage. Insurance should not be something you buy once and automatically renew each year.

TSL Insurance Group is the insurance agency in Baton Rouge, Lafayette, Lutcher, Abbeville, and Franklin, LA, that can suggest the best alternatives to fit your needs. We will analyze the various options available to you to make sure you and your family are protected.

You can schedule a personal insurance review with an agent nearest you, and we will help you take care of all the updates at once because we are in the business of helping people feel safe and secure.

As an independent insurance agency, we will shop several insurance providers to get you the best rates to pick the insurance plan that’s right for you.

So, make an appointment with TSL Insurance Group today to discuss everything from car, life, homeowner’s, and business insurance. We will help ensure that you have insurance coverage to fit your needs during the new year and beyond.