The beginning of the year is a great time to review your insurance plan to evaluate if you could make any changes.

Do you have any policies that you would need to renew immediately prior to the expiration date? Life insurance is a great example. You may have a 10 year term life insurance that expires in a few years, but you have outstanding debt that will last beyond the policy expiration. It may be wise to look at adding an extra layer of protection now while you are healthy. The rate would be lower and you know that you are insurable.

Did you receive any holiday gifts that are valuable and might require extra coverage? Jewelry and photography equipment can be insured on a separate rider with no deductible. Your homeowners policy most likely includes a limit for theft or misplacement of jewelry valued at over $1500. Most wedding rings are valued at more than this amount. Take an inventory of your gifts and decide if it makes sense to add extra coverage for these items.

In the event that you needed to file a claim, would you be able to afford your deductible? Check your home and auto deductibles to be sure. And, check with your insurance carrier to see if they offer a single deductible for your home and auto policies if there is a loss that occurs the same day on your autos and home.

New year. New insurance plan. Take some time to review! It is well worth it!