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Happy New Year! As you kick off another year and are planning for what’s ahead, it's an ideal time to think about insurance. Why should you bother reviewing and updating your insurance policies at the beginning of the year? Well, think of it like giving your financial safety net a tune-up. Life doesn’t stand still, so many things can happen over the course of a year to cause your insurance situation to change.

Life Events

First off, major changes might've happened last year—new job, new house, or maybe a new addition to the family. All these milestones could mean your coverage needs a refresh to keep your bases covered. It can also mean you qualify for new discounts with bundled products.

Insurance Offerings Evolve

Additionally, reviewing your policies could uncover potential savings. Insurance is like fashion; it changes all the time. This means even if nothing in your life has changed drastically, there may be new opportunities available from your insurance provider to help you save.

To Identify Gaps

Finally, a review can identify insurance gaps that may have snuck up on you. For example, say you secured homeowner’s insurance when you purchased your home two years ago. While that coverage may have been perfect at the time–updates to your home, inflation and changes in value can impact your coverage needs. Basically, a review ensures there are no unpleasant surprises should you need your coverage.

So, take a few minutes this January to give those insurance policies a little TLC. While it certainly won’t be the most exciting thing on your New Year’s to-do list, it’s worth the time to score financial peace of mind and potential savings!