All of us at the Halbrook Insurance Agency - Oakland, California would like to wish you a healthy and prosperous 2018!
Now that 2018 is here, it may be time to consider reviewing your personal insurance program. Most people don’t take time to review exposures, options, or their current economic condition before making their insurance purchase. Taking stock of your personal finances is important in order for you to plan for your future. Here are a few tips to help you get started. Of course we always recommend you call our office for more information.
- Maintain good credit - Regularly check your credit score, since a low score may impact your premium.
- Review your auto limits – If you have limits of less than $100,000, that won't even cover the medical bills in a serious accident. The minimum liability coverage that anyone with any assets or income to protect should be carrying is $500,000 to $1 million or more.
- Maintain a home inventory – Having an accurate account of your personal property can provide for greater recovery in the event of a loss.
- Bundle your insurance – Combine your auto, home and umbrella policies with one insurer to receive greater discounts.
- Set the right deductible - A higher deductible reduces your premium, but you have to pay more out of pocket in the event of an accident. If you have a good driving record and haven’t had an accident, you may want to gamble and opt for a higher premium. The reward for this risk could be up to a 40% savings.
- Consider Identity Theft – Identity theft is one of the fastest growing crimes in the U.S.
- Buy from a financially strong company – Your insurance is only as good as the company who stands behind the policy. The insurance company should have an “A+” rating or higher.
- Be prepared to make adjustments as your lifestyle and needs change.
- Maximize any tax investment savings. Contribute as much to your 401k as possible.
- If you have a Health Savings Account, check to see if you have any money left and get it spent on qualified expenses.
- Review your 2016 tax returns to determine if you need to make any withholding adjustments.
- Get an appointment set with your insurance agent to review all your personal insurance needs. As your life changes so do your insurance needs.
- Get all your financial records organized and ready for filing. Gather receipts, proof of charitable contributions, and other tax forms into one place.
- If you have a tax preparer, set an appointment now. This is a good way to give you a deadline to complete all your necessary paperwork.
- Determine any last minute charitable contributions, and make them before the year’s end.