If you are finding that you have a little downtime, or even if you don't, why not use this quieter time of year to consider some financial resolutions for 2021?
Forbes.com puts Insurance as it's #3 financial resolution after tracking your spending, and making a spending plan. Let's talk in particular about some insurance resolutions that you can make.
After all, insurance is something you need, and pay for, every year. It's something that protects you, your family, your assets, and your business in the event of a covered loss. So it makes sense to review your insurance portfolio at least once a year. Here are some common reviews that you can consider:
Why Should I Review My MA Home Insurance?
In most cases, when one is closing on a home, insurance is just one of those many "check-list" items. You purchase it to get a binder to satisfy the bank for the closing, and you may never really look at it again. This is likely your biggest asset!
What should you be looking at as it pertains to your home insurance?
- Have you made improvements that increase the value of that home?
- Have you acquired possessions (jewelry, musical instruments, antiques, watches, silverware, firearms...) that may not be adequately covered now?
- Are you getting home/auto (bundle) account credits?
- Are you working from home full time for the foreseeable future? Depending on the carrier, this may have a welcome effect on your home insurance premium. Discuss this with your agent.
Contact your agent, or contact us 24/7/365, if you want to take a closer look at your Massachusetts home insurance.
Why Should I Review My MA Car Insurance?
Whether it's a gecko, a too-pale nurse, or something else, we are surely bombarded with car insurance messages. But here's the thing: it's not just "pick your price" as some may lead you to believe. Here are some components to car insurance that deserve a closer look.
- Liability Limits. Did you choose "minimum" limits in an attempt to keep premium down? Would you be better served to look at increasing your deductible and keeping decent liability limits?
- Discounts - are you accessing home/auto credits? Good Student? AAA, Pay-in-full, Paperless, to name a few?
- Gap Coverage should be looked at if you have a loan or lease on your car. Not expensive to add on to your policy and can save you big time in the event of a loss.
- Accident forgiveness. If you are qualified, this is also not expensive to add, but can save you money in the event of an accident.
Terms and conditions vary, this is a good time to consult with your agent or to contact us.
Why Should I Review My Massachusetts Business Insurance?
There are so many types of businesses and so many types of insurance coverage, this one is a little less straightforward. Suffice it to say, it's best to consult directly with the commercial insurance specialists here at Elliot Whittier Insurance. Some things to consider:
- One reason to perform an annual review of business insurance is to help catch any gaps that were created by a recent change in status.
- Are there new types of operations, discontinued types of operations, more or less revenue, more or less payroll?
- Cyber Liability - businesses large and small are increasingly at risk. Employees working from home may increase that risk further.
- Vacant buildings may have special insurance needs.
Where is the Best Place to Start if I Want to Review My Insurance?
Contact your local, independent Massachusetts Insurance agent, or, contact us anytime. We have access to approximately 50 "A" rated insurance carriers. We're also one of the 2% of all Massachusetts Insurance agents with the Five Star Award of Distinction from the Massachusetts Association of Insurance Agents. It costs you nothing extra to work with one of the best!
Here's to a safe and healthy 2021!