Your End-of-the-Year Insurance Review

As you say goodbye to the old year and prepare for the new, you may be reflecting on the events of 2024 as well as thinking of personal and financial goals you’d like to achieve in 2025. You’re probably not thinking about your insurance needs—and that could be a mistake. Many life events affect your insurance needs—and the end of the year is a great time to review your insurance coverage and how it fits into your financial safety net.

Here are a few things to consider for your end-of-the-year insurance review.

Start with a basic policy review

Your first step is to review your existing insurance policies to see if they still meet your financial needs. Review each of your insurance policies to familiarize yourself with your current coverage limits and deductibles. Then consider whether or not they are right for your financial goals and security.

For example, is the Dwelling limit of your Florida homeowners insurance policy adequate to rebuild your home if it’s destroyed? Have you made any major improvements to your property that affect its value? Is your Contents coverage adequate to replace your belongings in the event of a loss? If you’re not sure, maybe it’s time to compile or update a home inventory so you know exactly what you have.

Depending on your financial situation, you may also consider raising your deductibles on your home or auto insurance to help lower your premiums, or vice versa.

You should also take note of insurance policy renewal dates so that you’ll have no lapses in coverage in the new year. Make sure you don’t wait until the last minute before renewal in order to give your insurance agent time to find your best options.

Consider life changes

Major life changes may affect your insurance needs. If you tied the knot or added a child to your family in 2024, you may want to buy or add to a life insurance policy. Retiring, paying off your mortgage, changing jobs, or moving can also affect your financial responsibilities, and therefore your insurance needs.

After witnessing the devastation of hurricanes Helene and Milton, you may want to protect your home with a flood insurance policy.

Also consider life changes you might experience in the coming year and their financial impact—maybe you plan to buy a new car, add a teen driver to your auto policy, or maybe 2025 is the year you’ll get married and combine households with a partner. Be sure to notify your insurance agent of any change that might affect your insurance coverage.

Think about liability coverage

Don’t forget to consider your liability coverage limits. Both home and auto insurance include liability coverage that helps to protect you if you’re responsible for bodily injury or property damage to others. Make sure your limits are adequate to protect your assets in case of a lawsuit.

In addition to your liability coverage on your home and auto policies, if you have substantial assets, you may want to add an umbrella policy as an extra layer of protection.

Find financial security and peace of mind

A yearly review of your insurance coverage can be an important way to give you peace of mind that your insurance coverage matches your family’s financial needs. At Lakewood Financial Services, we offer a full range of insurance coverage—from personal auto, home and renters insurance, to commercial insurance, life insurance, and even boat, RV and motorcycle coverage. Our agents have years of experience and will be happy to help you find the personalized insurance coverage you need. Please call us at 941-747-4600, contact us online if you’d like to explore your insurance options for the coming year.