With the beginning of a new year, it is important to review your home and auto insurance policies to ensure you are getting the most out of them. To begin this process, here are some questions you should ask when reviewing your policies; “What is and is not covered with my policies?”  “Do I need to add any new family members or vehicles to my policies?”  “What are my deductible amounts?”  “Am I taking advantage of all available discounts?” “Is my coverage adequate enough to cover a loss should I have one?”   

The following information will help guide you through some of these key questions for getting the most out of your home and auto insurance.

1)    Review Your Policy- Make Sure You Are Aware of What Is and Is Not Covered

It is essential to review your home and auto insurance policies to make sure you are aware of exactly what is and is not covered. Different policies cover different things, so it is best to read the entire policy to understand what is included. Depending on where you live and the type of coverage that you have purchased, there may be certain geographical limitations or exclusions related to certain types of damage such as flooding or earthquakes. Additionally, many policies will also list out any items that are not covered under your policy such as high-value items like jewelry or expensive electronics. By understanding exactly what is and is not covered with a policy can help prevent any unpleasant surprises if something were to happen down the line.

When reviewing your current home and auto insurance policies, it is also important to consider additional optional coverage that could be beneficial for you in 2023. This will be based on your changing needs or circumstances - especially when it comes to new vehicles added over the past year. Optional add-on coverage options can provide extra protection from specific risks not otherwise provided by standard coverage, like roadside assistance packages or rental car reimbursement, should an accident occur away from home. It is always worth considering these additional coverage options since they often come with minimal cost, but they can offer tremendous peace of mind knowing that all bases are covered should anything unfortunate arise during 2023!

2)    Add Any New Family Members or Vehicles to Your Policy

Adding any new family members or vehicles to your policy is a crucial step in getting the most out of your home and auto insurance.

If you have purchased a new car, it is important to include it on your policy as soon as possible so that you can enjoy the full benefits of coverage right away. Typically, this involves providing details such as make and model information, VIN numbers, and registration data. These details will ensure a smoother process when adding a vehicle to an existing policy!

For any newly added family members (spouse/children), you may need to update certain aspects of your policies, such as personal liability limits and increased medical payments should they be involved in an accident. It is also worth considering adding them onto the same auto insurance plan since doing so often results in discounted rates due to economies of scale associated with multi-car policies.

3)    Check Your Deductibles To Make Sure They Are Still Appropriate

When reviewing your home and auto insurance policies, it is important to check and make sure that the deductibles are still appropriate for your needs. Having a deductible that is too low can put you at risk of losing out on potential savings if you need to file a claim. However, having a deductible that is too high could leave you facing hefty costs in the event of an accident or damage. It is best to review the amount of deductible currently listed with each policy and compare it against any changes in your financial situation over the past year. If either has changed significantly, then it may be worth considering adjusting deductibles accordingly, so they better reflect current circumstances while also allowing for maximum savings when filing claims down the line.

Ultimately taking advantage of all applicable deductions can help ensure adequate coverage while keeping costs manageable throughout 2023 and beyond.

4)    Confirm That You Are Taking Advantage of All Available Discounts

It is advisable to investigate available discounts as well when checking deductibles since these could help lower overall premiums further. It is important to make sure you are taking full advantage of all the discounts available when it comes to your home and auto insurance policies. Some of these may include discounts for having multiple policies with one insurer, being a part of certain organizations like alumni associations or professional societies, or even having certain safety features installed in your vehicle. Taking advantage of any applicable deductions can offer significant savings on premiums while still providing adequate coverage should something unfortunate arise during 2023!

It is also worth confirming if there are additional discounts that could be applied towards specific coverages such as roadside assistance packages or rental car reimbursement should an accident occur away from home. Additionally, many insurers now offer preferred driver discount programs designed to reward safe driving habits with discounted rates, so even if you have been involved in a few accidents over the past year—this could still provide some relief when it comes time to renew your policy in 2023. Ultimately exploring all potential deductions and discounts before signing up for new policies each year can help ensure maximum savings while also protecting yourself and your loved ones against unforeseen risks throughout the year.

5)    Review Your Coverage Limits To Ensure They Are Still Adequate

It is important to review your coverage limits and ensure they are still adequate for your needs. This means confirming that the amount of liability protection you have is high enough, as well as any other coverages such as medical payments or rental car reimbursement should an accident occur away from home. It is also worth considering increasing these limits if possible since doing so can often result in lower premiums due to economies of scale associated with higher-value policies. Also, having adequate coverage offers more peace of mind knowing that greater financial protection is available against unforeseen risks during 2023.