Assessing Your Family’s Insurance Needs for 2014
The holiday season is upon us and the New Year is fast approaching. Before getting too deep into the frantic pace of the season, it is good to step back and take a look at your insurance coverage to make sure everything is up to date going into 2014.
Auto Insurance: If you have added any vehicles during 2013, you have likely already insured them. However, you may want to take a look at one or more of your aging vehicles to see if it still makes sense to carry collision insurance. If you do not owe on your vehicle and it has depreciated substantially over the past few years, it may be time to drop the collision insurance and save a few bucks.
Homeowner Insurance: The important thing about your homeowner policy is making sure you have enough coverage to rebuild your home in the case of a total loss. Due to continually rising costs of building materials, replacement costs seem to go up every year, even in areas where home prices are not appreciating substantially. Talk with your insurance agent and ensure that you are increasing your coverage to keep up with building costs.
Life Insurance: If you do not already carry life insurance or only carry it through work, now may be a good time to consider adding it to your insurance portfolio. Life insurance rates are the lowest they have ever been, making it more affordable than ever for you to give your family the security and peace of mind they deserve should something happen to you.
Personal Property: Your homeowner or renter’s policy should be sufficient to cover most of your personal belongings, unless you have special items for which you want to add specific coverage, referred to as “riders.” For example, have you purchased any expensive jewelry or artwork in 2013? If so, you may want to add a rider to your main homeowner or renter’s policy to cover these items.
Health Insurance: With all the changes brought about by the Affordable Care Act, chances are your health insurance will be affected in some way in 2014. Talk with your agent about the best strategies to navigate the new health care regulations and ensure that your family has the coverage it needs. Speaking of health insurance, do not forget to inquire about coverage for your family pet(s). Pet health insurance is an effective way for families to address the costs involved with keeping their pets healthy.
Long-Term Care Insurance: As the Baby Boomers move further into retirement, more Americans are considering the need for a long-term care policy as they reach their golden years. With life expectancies at all-time highs, it is increasingly likely that some type of ongoing care will be needed in the future. Though long-term care insurance can be expensive, the younger you are, the more affordable the policy so now might be a good time to discuss this with your agent.