Your Guide to an End of Year Insurance Review
As the holidays wrap up and a new year approaches, it is the perfect time for an end of year insurance review. Many homeowners do not realize how much can change in a year, and an end of year insurance review helps ensure your policy still protects everything that matters. Whether you added new valuables, completed home improvements, or changed vehicles, a review gives you peace of mind heading into January.
At Hibbs Insurance in Paducah, we walk families and homeowners through their end of year insurance review every December. Here is what we recommend and why it matters.
Record your belongings with a quick home video
One of the most important steps in an end of year insurance review is documenting your home. Walk through each room with your phone and take a simple video. Open closets, drawers, cabinets, storage bins, and shelves. This is especially helpful if you received big ticket holiday gifts such as electronics, jewelry, tools, or appliances.
If you ever need to file a claim, a dated video from your review makes the process faster and easier. It shows what you owned, what condition items were in, and helps you receive accurate reimbursement.
Update your policy if you bought valuable Christmas gifts
Many people do not think about insurance after the excitement of the holidays, but your review should include updating your coverage for new purchases. If you bought or received items such as a new TV, engagement ring, laptop, gaming system, or expensive sporting equipment, be sure your protection reflects that.
Your agent can add scheduled personal property coverage or increase your limits if you now own more than last year. This is one of the most overlooked parts of an end of year insurance review.
Check your home improvements and renovations
Another reason a review is important is home upgrades. If you remodeled your kitchen, replaced your roof, added a deck, installed new flooring, or made updates that increase the value of your home, your current policy may not reflect those improvements.
An end of year review ensures your dwelling coverage is accurate so you are fully protected if a loss occurs.
Review your auto, life, and commercial policies
Your end of year insurance review should go beyond your home. Life changes quickly and your protection needs to keep up. During your review, consider:
- Did you buy or sell a vehicle
• Did a teen start driving
• Did your family grow or did you experience a major life change
• Did your business expand or take on new risks
These are important reasons to complete an end of year review and make sure coverage follows your current reality.
Check for discounts and savings opportunities
Your end of year insurance review is also a great time to see if you qualify for new discounts. Many homeowners save money by bundling home and auto, enrolling in safe driver programs, updating safety devices, or removing outdated coverage. A quick review can help you start the new year with lower premiums.
Final Thoughts
An end of year insurance review may not seem exciting, but it can make a huge difference when the unexpected happens. Taking a few minutes to video your home, update your list of valuables, review your coverage limits, and ensure your protections match your life is one of the smartest steps you can take before January.
If you would like help with your end of year insurance review, the team at Hibbs Insurance is here to guide you through every step.
