The start of a new year is the perfect time to reflect on the past and plan for the future. This includes setting personal resolutions to improve health, finances, or relationships for many. But there’s one area that’s often overlooked during New Year’s goal-setting: insurance. Is your coverage up to date? Are there gaps in your policies that need attention? As we enter 2025, it’s time to check in on your insurance and ensure your policies are ready for whatever the year ahead brings.

Why Insurance Resolutions Matter

Insurance is one of the most important ways to protect your assets, family, and future. Whether it’s auto, home, or life insurance, reviewing your policies annually helps ensure you’re not paying for coverage you don’t need or, conversely, missing out on vital protection. Setting insurance resolutions allows you to start the year with a clearer sense of security and peace of mind.

1. Review Your Home Insurance Policy

Your home is likely your most valuable asset, and ensuring it’s adequately covered is essential. Over time, the value of your home and belongings can change, especially if you’ve made renovations or purchases or if inflation has caused the construction cost to rise. It’s important to review your home insurance policy to ensure that:

• Replacement Costs Are Up to Date: If you’ve made home improvements or bought new items (such as electronics, furniture, or clothing), you may need to adjust your coverage limits.
• Personal Liability Protection Is Sufficient: If you’ve added a new family member, pet, or host more guests than before, you may want to increase your liability coverage.
• Jewelry and Collectibles Coverage is Adequate: Did you receive a new piece of jewelry over the holidays? Most policies offer a basic limit between $5,000 and $10,000 on jewelry and other valuable items like handbags and purses. If you want to insure these items for their full value, you must add them to your policy as additional coverage or “rider” and pay extra premium for them.

2. Evaluate Your Auto Insurance

For many people, auto insurance is a yearly expense that can easily be forgotten about. However, your coverage needs may change as your life circumstances evolve. When reviewing your auto insurance:

• Update Your Policy for Any Changes: Have you purchased a new vehicle, sold one, or added a teen driver to your policy? These changes may require you to adjust your coverage.
• Review Your Deductibles and Limits: Higher deductibles can save you money on premiums but be sure you can afford the out-of-pocket expense in an accident.

3. Life Insurance: Protecting Your Future

As life circumstances evolve, so does the need for life insurance. If you haven’t reviewed your life insurance policy in the past year, it’s essential to take a look, especially if you’ve experienced any of the following changes:

• New Additions to the Family: The birth of a child or the addition of dependents may require you to adjust your coverage.
• Changes in Financial Obligations: Have you taken on a new mortgage, started a business, or seen a significant change in income? If so, you might need to increase your life insurance coverage to ensure your family is fully protected.

4. Explore Other Coverage Options

Insurance isn’t just about protecting assets—it’s also about your well-being. Consider additional policies that might fit your evolving needs, such as:

• Health Insurance: With healthcare constantly changing, it’s essential to make sure your health insurance policy offers the coverage you need, especially if you’ve had changes in your health or family.
• Disability Insurance: If you don’t already have it, this can provide peace of mind by protecting your income if you become temporarily or permanently disabled.
• Critical Illness Insurance: Should our become diagnosed with an insurable illness i.e. Cancer, Stroke or Heart attack.  A critical illness policy will pay out a lump sum of money, tax free to the insured individual.
• Umbrella Insurance: If you have significant assets, umbrella insurance can provide extra liability coverage to protect you from lawsuits.

Take Action Now

Starting the new year with a well-reviewed and updated insurance portfolio gives you the confidence to tackle whatever challenges 2025 may bring. Whether it’s protecting your home, your car, or your loved ones, insurance resolutions ensure that you’re financially prepared for the unexpected.

If you need guidance or want to review your policies, contact our team at ICD Insurance. We’re here to help you navigate the changes and ensure your coverage is as comprehensive and cost-effective as possible. Let’s make 2025 a year of security and peace of mind! Call one of our brokers at 905-830-9000.         

Disclaimer:

At ICD Insurance, we aim to provide accurate, up-to-date information. However, insurance needs vary, and coverage depends on specific policies, locations, and providers. This content is for general information only and may not fully apply to your situation. Please contact your ICD Insurance broker to discuss your specific needs and coverage.

---