The start of the new year is the perfect opportunity to take time to review your insurance policies. It can help you locate any gaps in coverage that may have occurred over the past year.
Before reviewing your insurance policies, our attorneys at Evergreen Personal Injury Counsel recommend sitting down and creating a list of all changes that happened over the past year. For example, having a baby, buying a new car/home, or getting married would require you to update your current policies.
Here are four insurance policies that you should review in January:
Have there been any changes to your driving habits? Did you get any tickets? Did you purchase a new vehicle? If your answer is yes to any of these, let your auto insurance agent know so you can be sure that your policy will still cover you in the event of an accident.
If you don’t have PIP insurance, 2018 is the year to get it. Personal Insurance Protection is an extension to your car insurance that will cover medical expenses and lost wages. It’s often used in cases where your auto insurance policy will not cover these costs. It’s often referred to as “no-fault” insurance because the insurance company will pay out regardless of who is at fault.
Take a chance to review your existing homeowner’s insurance policy. Make sure that coverage will be extended out to any new additions or past updates, such as new construction. The coverage that home insurance policies offer can vary greatly from insurance company to insurance company – and may not cover certain additions to your house.
You should also take inventory of your home possessions. Let your insurance agent know if you’ve acquired any new personal items that aren’t covered under your current policy. This includes antiques, artwork and valuables.
Births, divorces, remarriages, and even new mortgages will require you to review your insurance policy to ensure that no gaps in coverage have opened. If you’ve paid off your mortgage, retired, or your children have finished college, you might be eligible to lower your life insurance premiums and coverage.
You should also read your policy carefully and ask yourself if you have the appropriate coverage for your current lifestyle. There could be some benefits that aren’t guaranteed or premiums that might change over time. If you are unsure, call your life insurance agent to voice any concerns or questions. It’s better to be fully aware than mistaken about life insurance coverage levels.
If you’ve recently enrolled or made changes to your health insurance, make sure you have all of the insurance cards and paperwork prior to visiting a doctor’s office. If you’ve had any changes to your health, now is a good time to review the policy to ensure you’re covered.
Check to make sure that your physicians are still covered under your policy as an in-network provider. They could have been dropped from the network. You would be unaware until you realized the insurance company is only going to pay out the out-of-network benefits – which are usually much lower than the benefits for in-network doctors.
Life comes at you in the blink of an eye. It’s better to be prepared than to be caught without proper insurance coverage. By taking a few minutes to review your insurance policies, you can go on throughout the year with the peace of mind knowing that you and your family are fully covered.
As Washington injury attorneys, we understand the importance that having proper insurance to cover your life, family, home and assets. If you have any questions or concerns regarding insurance, as it relates to a personal injury, contact one of our attorneys at Evergreen Personal Injury Counsel. We’re more than happy to sit down with you and answer any questions you may have.
Read more articles from our EPIC Insurance Series: