A lot can change in a year, and 2020 has been a doozy! With any year’s end comes a feeling for most of us that we need to check up on just what is working well and what could use some adjusting—and wrapping up 2020 with an insurance portfolio review makes sense.
Enduring a once-in-a-century health pandemic has turned many folks’ attention to the importance of having the right coverage at the right time and at the right price, and that’s where Florida Farm Bureau insurance can help. A local agent can explain options that fit your situation and budget, and make sure you have the coverage you need, all while saving you money.
Where to Start with an Insurance Portfolio Review
Your insurance portfolio (that is, the collection of all the individual policies you have in force) should include protection for many of life’s most important realities—your home, automobiles, retirement, and your life—along with protection in case of natural disasters such as flooding or, in a coastal state like ours, hurricanes and damaging weather.
If you haven’t already, make it a priority to keep these documents together in a safe, easily accessible place so they won’t get scattered or lost. After you’ve collected all of your policies, check out each one. Make notes if you see gaps or have questions about your current coverage and costs.
Consider Homeowners Insurance First
For most of us, our home is our largest asset and rates high on our insurance protection plan.
With extra time at home in quarantine this year, home renovations and updates became almost expected! Has the value of your home gone up or down? Did you move, add on, update, or remodel? Did you add a pool, outdoor kitchen, or security system? Build out the upstairs? Have real estate values gone up or down? Have you wondered if you have enough fire or weather damage coverage?
Jot down your concerns so you can be specific when talking with your agent.
Is Your Auto Coverage Up-to-Date?
Did you buy a new car? Is there a new driver in the family? Have you upsized or downsized your everyday vehicle? Are you now working from home and no longer need the type of vehicle you started out with this year? Do you have a reliable, aging vehicle that you may want to switch to liability-only coverage? And do you currently have coverage for uninsured motorists protection?
Any of these scenarios could mean a change in coverage and premiums.
Is Your Life Insurance Still Adequate?
The COVID-19 crisis has alerted people of all ages to the importance of life insurance and has caused an increase in sales for these products, with younger people adding it to their to-do list in growing numbers.
Even if you’ve carried life insurance for many years, this is a great time to evaluate its limits, depending on your family circumstances. Did you or are you planning to get married? Have you welcomed a new member to the family, or are you expecting one now? Have you changed jobs, or has your income increased or decreased? Did you start or dissolve a business? Have your children reached a point of self-sufficiency? Do you often travel internationally? Has your health improved or declined?
What about your retirement portfolio?
If you’ve never purchased life insurance, or if you have questions about your current coverage, our highly-trained agents can explain every detail to you.
Consider Other Types of Insurance You May Need
Farm Bureau Insurance offers a wide variety of products to cover circumstances and items individual to your household, including floods, high-value jewelry, furs, silverware, fine art and other personal possessions; boats, motorcycles, other types of nontraditional vehicles, and much more.
If you own your own business or small farm we can cover that, and crop coverage, too!
It never hurts to sit down and chat about what insurance protection you may need but don’t have yet—and what you have and no longer need! Start the new year with a plan for the future.
Contact Farm Bureau Insurance for Your Portfolio Review
Florida Farm Bureau insurance would be honored to assist you in transitioning into 2021 with a check-up on your insurance portfolio! We can help you save money while making sure you have the coverage you and your family need. Find a local agent now using our Agent Finder—and Happy New Year!