The end of the year is a great time to take care of a few general housekeeping and annual planning practices. One of those tasks everyone should consider at this time of year is a review of your insurance coverages and plans. Your needs change from time to time as do the types of insurance protection you need.
Conducting an annual review of your insurance situation helps to identify potential coverage gaps and ensures you have the protection you need for your family going into the new year. These are just a few reasons why insurance is something you need to have on your “Nice List” at this time of the year, every year.
Manage Life Changes
A lot can happen during the course of a year. While many events in life help define you, they can also profoundly impact your insurance needs. Any of the following life events can create a wide range of changes in your insurance needs.
- Get married.
- Buy a home.
- Win the lottery.
- Have a baby.
- Adopt a child.
- Start a home business.
- Start a side gig (Uber driver, freelance gig, etc.).
- Start a new career (one that requires additional insurance protection like errors and omissions coverage).
- Buy a boat.
In each of these situations, your insurance needs change. Sometimes dramatically. An annual review of your insurance coverage can help make sure you’re prepared to meet those challenges head-on, along with anything else that comes your way.
Ensure You’re Getting the Best Price on Insurance
When you review your policy each year, you have the opportunity to explore your coverage options to ensure you’re getting the best possible coverage along with the best discounts that are available to you. As you add new possessions to your inventory (new automobiles, recreational vehicles, home improvements, and upgrades, etc.) you may qualify for insurance discounts that go beyond multiple coverages.
The more insurance discounts you qualify for, the better it is for your bottom line. As long as you’re not sacrificing coverage to get these discounts.
This is also a good time to explore your deductible. One thing that has a profound effect on your insurance rates is the amount of risk you assume by way of higher deductibles. As you become more financially secure, you can afford to assume more risks. Increasing your deductibles can help you cut your monthly costs by substantial amounts in some situations. It’s certainly an idea worth exploring as part of your annual review of your coverage.
Allows You to Consider Consolidating Coverages with a Single Agent
Many people are simplifying their lives. There’s no better time than this time of year to consider ways to simplify your own. One method of doing this is by consolidating your insurance purchases with one agent and a single agency. This eliminates the need to keep up with multiple insurance policies, bills, coverage terms, etc.
It also allows you to qualify for a variety of benefits for bundling policies, covering multiple products with the same insurer, etc. Doing so with one agent also you to build a more trusting relationship with your insurance agent so you can be confident that you’re getting the right coverage for your personal needs, professional needs, and the needs of your family.
Pablo Beach Insurance has been serving the needs of Jacksonville area businesses and residents for nearly 15 years. We believe in taking the time to listen to your needs, so we can find the right coverage to protect the Florida lifestyle you lead. Contact us today by calling: 904-224-7000 to learn how we can help you assess your insurance picture to take you into the coming year and beyond.
Florida Insurance Experts
For almost 15 years, PBIG has been helping Florida residents by getting them the right coverage at the right price. We are locally owned, have a casual approach, and deliver professional results. Click below to get a no-hassle, free quote from one of our experts.