Freshen Up Your Finances: Spring Cleaning for Insurances

Disclaimer: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

As the flowers bloom and the days grow longer, many of us commence our traditional spring cleaning, organizing and decluttering. However, something we don’t think to tidy up is our finances. More specifically, insurance policies. Seasonal refreshers of all areas of your life can make your life easier! Here are 10 tips on how you can conduct a spring cleaning for your insurances.

1. Review Your Policies

Start by gathering all your insurance documents, including auto, home, health, life, and any other policies you may have. Review each policy carefully, paying attention to coverage limits, deductibles, and premiums. Make deliberate decisions based on any changes in your circumstances or needs since you last reviewed your policies.

2. Assess Coverage Adequacy

Check whether your current coverage levels are still adequate to protect your assets and loved ones. Consider factors such as changes in the value of your home or vehicles, additions to your family, or significant life events like marriage or divorce. Adjust your coverage limits accordingly to ensure you have adequate protection in place.

3. Explore New Options

Insurance markets are constantly changing, when it comes to new products and providers entering the insurance industry. Take this opportunity to explore alternative insurance options that may better suit your needs or offer more competitive rates. Be sure to get quotes from multiple insurers to compare coverage options and premiums.

4. Bundle Policies for Savings

Many insurers offer discounts for bundling multiple policies together, such as combining your auto and home insurance. Bundling multiple insurances is a great way to get discounts and save money on your many policies.Consolidating your policies with a single insurer not only simplifies the management of your coverage but can also lead to significant cost savings. 

5. Check for Discounts

Check with your insurance provider about any available discounts you may qualify for. Common discounts include safe driving discounts, and home security system discounts, if you have questions about discounts, always ask your insurance agent! Taking advantage of these discounts can help lower your premiums.

6. Update Beneficiaries

If you have life insurance or retirement accounts with designated beneficiaries, review and update them as needed. Ensure your beneficiaries are up-to-date and accurately reflect your wishes, especially if there have been changes in your family or relationships.

7. Consider Additional Coverage

Assess whether you have any gaps in your insurance coverage that need to be addressed. For example, you may want to consider adding umbrella liability insurance for additional liability protection beyond your standard policies. Evaluate your risk exposure and consult with your insurance agent to determine if any additional coverage is necessary.

8. Review Deductibles

Evaluate the deductibles on your insurance policies and determine if they are still appropriate for your financial situation. Opting for higher deductibles can lower your premiums but also means you'll be responsible for a larger out-of-pocket expense in the event of a claim. Find the right balance between affordability and financial risk. Always do extensive research when you’re switching or adding coverage, and anything that can affect your finances. 

9. Update Personal Information 

Ensure your insurance provider has up-to-date contact information and personal details on file. Notify them of any changes in your address, phone number, or email address to ensure you receive important communications and policy documents in a timely manner.

10. Schedule Regular Check-Ups

Make it a habit to conduct regular reviews of your insurance coverage annually, if not semi-annually. Life changes and circumstances evolve, so it's essential to keep your insurance policies updated and aligned with your current needs and priorities. Here at Northern Insuring Agency, we understand how life works and we want you to be able to update your policies based on your priorities. 

By taking the time to conduct a spring cleaning for your insurance policies, you can ensure you have the right coverage in place to protect yourself, your loved ones, and your assets. Don't let outdated or inadequate insurance policies leave you vulnerable to financial risks. Refresh your coverage this spring at Northern Insuring and enjoy peace of mind knowing you're adequately protected for whatever your busy life may throw at you. 

Need help? Contact the team at Northern Insuring Agency. Our professionals can help you figure out which personal insurance policy will be the best option to help you keep up with the ever-changing world we live in.

Get in touch today for a quote! Northern Insuring will simplify the complicated...for insurance.