ROANOKE, Va. (WDBJ) – As you settle into the new year, AAA is encouraging everyone to add one more item to the list of resolutions: reviewing your insurance coverage.
Morgan Dean with AAA said now is the ideal time to ensure policies still match current needs.
Whether you’re approaching retirement, planning to travel, adding a child to your auto insurance, renovating or renting a home, buying high-priced items, or even getting married, Dean said insurance needs can change. It’s important to ensure your policies cover everything you own.
“It’s a good time to reassess what you’re covered for and what you’re not covered for. Where might you have a gap, and that’s an opportunity to get on the phone with the insurance agency or your insurance agent themselves and say, ‘ Hey, I’m a little concerned about this. ‘ What can we do to make sure I’m taken care of?” said AAA Manager, Public and Government Affairs, Morgan Dean.
When it comes to car insurance, Dean points out one area that’s often overlooked.
“A lot of people never really investigate that comprehensive section of their car insurance. That’s what covers you if you strike a deer; that’s also what covers you if you have a snowstorm come through, and big limbs or power lines come down on top of your vehicle. A lot of people find out they’re not covered,” said Dean.
Homeowners and renters should also document their personal belongings and any renovations. It can be helpful when working with the insurance agency to get you back on your feet after a loss.
“The value of homes is much more than it has been in the past. So, understanding what’s covered if there is a fire in your house vs some of the estimates of what you might be seeing online, to what your piece of property and home costs. All of those are good discussions to have with an insurance agent,” said Dean.
To save money, Dean suggests considering bundling insurance policies and checking for available discounts. He adds that reading the fine print carefully and asking questions when you don’t understand is essential.
Auto Insurance: Adjust for New Driving Habits
- AAA recommends that motorists reassess how much they’re driving. With many people working from home or entering retirement, changes in mileage may qualify them for lower rates. Households with students leaving for college or teens gaining driving privileges should also update their policies.
- Drivers with older vehicles may want to review whether collision or comprehensive coverage is still cost‑effective. AAA also encourages taking a defensive driving course, which can offer both safety benefits and potential premium savings.
Home & Renters Insurance: Update Inventories and Renovation Details
- Homeowners and renters are urged to update their home inventories — either by listing valuables or recording a simple smartphone walkthrough, especially after major purchases or home upgrades.
- Renovations such as finished basements or updated bathrooms can change the value of a home and the coverage needed. AAA reminds consumers that insurance is based on the cost to rebuild, not the home’s market value.
Life Insurance: Healthy Habits Can Save Money
- Maintaining a healthy lifestyle and seeing a doctor regularly are not only good for long‑term wellness, but they may also help lower life‑insurance rates. Because premiums are based partly on age and overall health, younger and healthier applicants often receive better options.
- AAA advises reviewing beneficiaries annually and ensuring important documents are stored securely and shared with a trusted contact.
Mind the Gaps: Consider Additional Coverage
- A standard homeowners policy leaves several costly gaps in coverage, including water backup, service line failures, and mold remediation, issues that can lead to major unexpected expenses. Adding the appropriate endorsements ensures homeowners are protected from these common but often overlooked risks.
- Flood insurance, which is not included in standard homeowners policies, may be essential for people living near water or in areas prone to heavy rainfall, even if not in a designated high-risk flood zone.
- Umbrella insurance, which is extended liability coverage beyond home and auto policies, can also offer added financial protection at an affordable cost.
Travel & Pet Insurance: Protect What You Love
- For frequent travelers, travel insurance can provide reimbursement for cancellations and coverage for medical emergencies or evacuations during trips.
- Pet owners may also benefit from pet insurance, which helps offset the cost of veterinary care in case of illness or injury.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.