Should you make changes to your insurance coverage this year?

It’s a new year and time for a new you. But what if you did nothing, nada, zilch… What would life look like with these “anti-New Year’s resolutions”?

In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to explore why you should consider evaluating and/or changing your insurance.

An anti-New Year’s resolution would be to keep your insurance the same. Do nothing — literally make ZERO changes. But for the sake of progress and your financial security, I recommend you evaluate your insurance needs and decide whether you need to make changes to your coverage.

Are you underinsured — or uninsured altogether? What will you do if your house burns down? Or what if you get terribly sick or injured? Insurance is your safeguard from the catastrophes of life that could quickly and easily drain your life’s savings (and that doesn’t leave you with much to retire on, does it?)

To find the right insurance for you, start searching for reviews of reputable insurers. Understand their ratings and what others are saying. Look at their competition. Make phone calls and ask questions.

And if you already have insurance — but just want to save a little money — you can look into multi-line policies, where you combine your coverage from several policies into a single policy designed to give you discounts. Ask your insurer if they can offer this to you.

Financial independence is unbelievably liberating. Resolve to protect yourself and your finances this year by evaluating (or re-evaluating) your insurance policies to make sure you’re covered in case of emergencies.

Remember: You can subscribe to my YouTube channel for even more practical advice on making the most of your money and life in the next episode of Your Money Minute.