As the New Year begins, many people set resolutions to improve their health, relationships, or career goals. But financial security, particularly through proper insurance coverage, is often overlooked. Taking the time to review and update your insurance policies can ensure peace of mind and financial protection for you and your loved ones. Here are the top insurance resolutions you should consider for 2025.
- Review Your Current Insurance Coverage
The start of a new year is the perfect time to review all your insurance policies. Life is constantly changing, and your insurance should keep pace with those changes. Consider the following:
- Home Insurance: Have you renovated your home or purchased high-value items like jewelry or electronics? Ensure your policy reflects these updates.
- Auto Insurance: If you’ve added a new driver to your household or bought a new car, adjust your policy to include these changes.
- Life Insurance: Life events such as getting married, having a child, or even starting a business may require increased coverage.
- Health Insurance: Review your plan to make sure it meets your needs, especially if you anticipate any major medical expenses in the coming year.
Failing to update your policies can leave gaps in coverage that could cost you later.
- Update Beneficiaries
Major life changes often mean it’s time to update beneficiaries on your insurance policies and other accounts. This includes:
- Life Insurance: Ensure the designated beneficiary reflects your current wishes, especially after marriage, divorce, or the birth of a child.
- Retirement Accounts: Beneficiaries on 401(k) plans and IRAs should also be reviewed and updated as needed.
- Other Policies: Policies like annuities or accidental death coverage may have outdated beneficiaries if not reviewed regularly.
Updating beneficiaries is a simple step that ensures your loved ones are cared for in accordance with your intentions.
- Increase Coverage for New Assets
Did you acquire new assets last year? From a new car to valuable artwork, it’s crucial to make sure they’re insured.
- Personal Property Riders: Add these for high-value items like jewelry, fine art, or collectibles.
- Flood or Hurricane Insurance: In Florida, protecting your home from natural disasters is essential, particularly if you’ve made upgrades or moved to a high-risk area.*
These additions ensure that your assets are fully protected against damage, theft, or other losses.
- Prepare for Natural Disasters and Emergencies
Living in Florida comes with its share of weather-related risks. Hurricane season may seem far off, but now is the time to make sure your coverage is sufficient.
- Flood Insurance: Standard homeowners insurance doesn’t cover flood damage. If you’re in a flood-prone area, a separate policy is essential.*
- Emergency Funds: Consider setting aside a dedicated emergency fund to supplement insurance in the event of a disaster.
- Budget for Insurance Premiums
Insurance is a necessary expense, but it doesn’t have to break the bank.
- Bundle Policies: Many insurers offer discounts for bundling home, auto, and other types of insurance.
- Shop Around: Don’t be afraid to compare quotes from different providers to ensure you’re getting the best deal.
- Review Deductibles: Adjusting your deductible can affect your premium. Higher deductibles often result in lower monthly costs, but ensure you can afford the out-of-pocket expense if needed.
Set Yourself Up for a Secure Year
Making insurance resolutions may not seem as exciting as other New Year’s goals, but it’s one of the most impactful steps you can take for financial security. By reviewing your policies, updating beneficiaries, and preparing for emergencies, you can ensure a safer and more secure year for yourself and your family.
*If you live in another state it is strongly recommended that you take a look at your area’s common natural disasters to make sure that you have the coverage you need.
Elite Insurance Solutions services Tampa Bay, Clearwater, St. Petersburg, Land O’ Lakes, and the surrounding area. Our office is able to serve all Florida residents with their insurance needs.