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Annual Insurance Check-Up: A Week-by-week Strategy

Updated: Jan 29

A person scared and holding their face

The Hidden Pillar of Financial Security


As we embrace the new year, it's time to shine a spotlight on a critical yet often overlooked aspect of financial planning: insurance review. Whether it's homeowners, auto, health, or life insurance, having the right coverage is not just a matter of security—it can be a cornerstone of your financial stability.


Homeowners and Rental Insurance – A Foundation of Security


Your home or rental property is likely one of your most significant investments. Regularly reassessing your homeowners or rental insurance is essential to ensure adequate coverage, especially considering changes in property values, personal possessions, and potential risks.


Things to Consider:

  • Updated property value and replacement costs.

  • Coverage for natural disasters specific to your area.

  • Personal property coverage adequacy for new purchases or valuables.

According to Nationwide, many homeowners find themselves underinsured, with the average underinsurance amount being approximately 22%. Alarmingly, some homes are even underinsured by 60% or more, highlighting a significant gap in coverage for many property owners.


Navigating Auto Insurance – A Road to Adequate Coverage


Auto insurance should be revisited to reflect changes in vehicle value, driving habits, and potential discounts. Usage-based insurance options can offer savings tailored to your driving patterns.


Things to Consider:

  • Adjusting coverage based on the age and condition of your vehicle.

  • Potential discounts for safe driving or low mileage.

  • Adequate liability coverage for your assets.

According to a Transunion survey, only 48% of drivers enrolled in telematics programs see a decrease in car insurance rates, while rates remain unchanged for 30

Health, Life, and Disability Insurance – Protecting Your Most Valuable Asset


Health insurance needs evolve with age, lifestyle changes, and health conditions. Life and disability insurance should be aligned with your current life stage, financial responsibilities, and family dynamics.


Things to Consider:

  • Health insurance coverage that matches your current health needs.

  • Life insurance coverage that supports your dependents.

  • Disability insurance that covers your income in case of inability to work.

Quote to Ponder: "The greatest wealth is health." - Virgil


The Umbrella of Protection – Extending Your Coverage


Umbrella insurance provides an extra layer of protection over your existing policies. It's vital to ensure that the coverage limits are in line with your current net worth and potential liability risks.


Things to Consider:

  1. Coverage limits in relation to your total assets.

  2. Inclusion of legal fees in liability cases.

  3. Gaps in your current policies that umbrella insurance can cover.


Liability Insurance – Safeguarding Your Future


Liability insurance is crucial for protecting your assets from lawsuits and claims. It's essential to assess your risk exposure and ensure your liability coverage reflects your current lifestyle and assets.


Things to Consider:

  • Coverage for potential risks associated with your profession or hobbies.

  • Limits that match your risk exposure and asset value.

  • Protection for specific scenarios like libel, slander, or property damage.


The Insurance Review Challenge


This month, take on the challenge of making each week an opportunity to review a different aspect of your insurance portfolio. Start with homeowners or rental insurance this week, move to auto insurance next week, and so on. By the end of the month, you'll have a comprehensive and tailored insurance strategy that fits your unique needs.


Action Steps:

  • Dedicate each week to a specific type of insurance.

  • Review and adjust policies to reflect current needs and values.

  • Consult with insurance professionals to ensure optimal coverage.

  • Empowering Your Financial Well-Being


Insurance review is more than just a yearly task; it's an ongoing journey toward financial confidence. By regularly reviewing and adjusting your insurance policies, you can help ensure that you're adequately protected against life's uncertainties. Embrace this new year as an opportunity to fortify your financial foundation with well-planned insurance strategies.


Remember, the right insurance coverage is a proactive step towards safeguarding your future and that of your loved ones. Don't hesitate to reach out to me  for professional advice to navigate the complex world of insurance and tailor a plan that suits your individual needs.


"The best preparation for tomorrow is doing your best today." - H. Jackson Brown, Jr.


Take the first step towards mastering your insurance review this year and possibly set the stage for a secure and prosperous future.

Picture of Samer Hilal, Wealth Advisor.

Samer Hilal, a Financial Advisor with Stratos Wealth Partners, began his investment journey in 1995. He's dedicated to creating actionable financial plans for clients. Now at Stratos, Samer continues to guide clients on their financial paths.


​The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.

This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional.

When you link to any of the links provided, we make no representation as to the completeness or accuracy of information provided at these web sites. The opinions found therein are those of the author(s) of the article or website.



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