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New Year, New You - Have You Done A Policy Review?

The New Year is a time when many people pledge to eat healthier, start exercising, and become more organized, but it's also a good time to resolve to better protect yourself and your family.

Changing circumstances may lead to different insurance needs. In 2020, did you have a baby? Get married? Purchase a new home or car? If so, you'll want to check with your local agent at Cushman Insurance to see whether you have the right policy protection. Here are some things to consider when reviewing your life, home, and car insurance policies.

Life Insurance

Changes — such as marriage, birth, divorce, remarriage, or a new mortgage — are indicators that you might need to update your life insurance policy, at the very least, that you should review your policy.

Read your policy carefully and answer these questions:

  • Do premiums or benefits vary from year to year?

  • What part of the premiums or benefits is not guaranteed?

  • What is the effect of interest on money paid and received at different times on the policy?

  • In what situations and through what procedures can you assess cash values?

  • Can the policy be converted into another form of insurance or annuity?

In the case of the birth of a child or a new marriage, it may be time to consider increasing your death benefit. Call your local Cushman Insurance agent to see if your life insurance requires a physical exam before increasing your coverage levels.

Events like paying off your mortgage, retirement, or your children finishing college, may mean that you can lower your life insurance coverage and premiums. Life insurance companies might be offering “conversion privileges” from your current life insurance policy if changing to a new policy.

Homeowners/Rental Insurance

This is a great time to update your home inventory and make sure your homeowners or rental policy is up-to-date. Take some photos or videos of your prized possessions and remember to note any antique items and their value so when you talk to your Cushman Insurance agent you know that these items are properly covered.

Remember to also add any new gifts from the holiday season to your home inventory. Include as many details as you can and take a photo of each item. Most basic home insurance policies have standard limits for big-ticket items like electronics, art, jewelry, or sporting equipment. You may need special coverage, so call your agent to discuss changes to your policy.

Auto Insurance

Have you had any changes to your driving habits? If so, tell your Cushman agent to ensure your auto policy will cover you in case of an accident. Also, take some time to check your auto insurance policy by following the guidelines below:

  • Make sure your coverage is appropriate for your life situation. Liability is the part of the policy that pays for any injury or damage if you cause an accident.

  • Review your deductibles for comprehensive and collision coverage. This is the amount you will pay if your car is damaged or totaled without the fault of another driver.

  • Before hitting the road, make sure you have a copy of your insurance card and your insurance agent or company's number in your vehicle.

Bundling Home & Auto

From your car, home, and even your family’s financial well-being, you have a lot to protect. Make things simple by making the choice to bundle your policies. Below are some key reasons to bundle insurance policies:

  • You can save up to 25% in insurance premiums.

  • It simplifies your billing — you will only have one insurance bill to pay instead of paying multiple bills through different insurance carriers.

  • If you need to file a claim, having one insurance carrier will make the claims process easier. You know exactly who to call with any questions.

  • When you have one agent to help with all of your insurance needs, you can build a personal relationship with them. Your Cushman Insurance agent will be able to contact you if anything changes or if there’s a way you can save more money.

Protect Yourself

Insurance fraud can happen to anyone, anywhere. Protect yourself in 2021 and beyond by following the tips below:

  • Don't give out any personal information — like your social security number or bank information — over the phone until you have verified the legitimacy of the insurance company and agent with your state insurance department.

  • Ask for copies of everything you sign and keep a copy of the payment receipt or check for the initial premium payment you gave the agent for the policy.

Like home maintenance, an annual insurance review is something that can go a long way to protecting what is likely your biggest investment. Cushman Insurance knows the details of coverage and can help make sure this is a New Year's resolution you can cross off your list.

When was the last time you reviewed or updated your insurance policies?



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