What Kind of Insurance Will You Need in 2021?
2021 is here, and one of the first things you need to do is have us complete a review of your personal insurance program. 2020 saw many changes with reduced driving working from home and other issues around COVID19. As your life and family change, so should your insurance. Here are a few things to consider for 2021.
Homeowners Insurance
COVID-19 should not impact your homeowner’s insurance too much, but there are a few coverages that could be impacted because of the temporary lifestyle change. The changing circumstances definitely highlight the need for existing components in your policy like liability coverage, in addition to coverage enhancements like a home business coverage endorsement if you moved your business to your house. You could be liable if someone gets COVID-19 while in your home.
Items to consider
- Get a quote for earthquake or flood insurance
- Combine my auto and home insurance to save money
- Complete a home inventory to ensure my property values are correct
- Consider purchasing or increasing my umbrella coverage
- Should I bundle my home and auto together?
Auto Insurance
U.S. insurers began to offer discounts and refunds on their customers’ auto insurance premiums. Now, despite the fact that drivers have returned to the roads in many parts of the country, the pandemic’s reverberations on vehicle usage and insurance cover will likely continue into the future. Most states require drivers to carry a certain amount of liability car insurance. Personal injury protection, Med Pay, and uninsured/underinsured motorist coverage are only required in some states. Collision and comprehensive coverage are not required by state law but may be required by lenders. Not all insurance companies offer every type of auto insurance coverage.
Things to consider
- Consider increasing my auto deductibles on my older vehicles
- Do I need mechanical breakdown coverage?
- Should I consider emergency roadside assistance?
Have I experienced any of these changes?
- Bought a new car or sold a car
- Changed your marital status
- Bought a boat, RV or ATV
- Change of address
- Started a home business
- Remote working in 2021
- Welcomed a new baby into the family
- Received a major inheritance
- Have a new teen driver in the family
- New purchases of guns, jewelry or art
- Purchased second home
Are there ways to lower my personal insurance costs?
- Purchase all your insurance through our agency
- Install an alarm system
- Choose paperless billing
- Avoid making small claims
- Pay annually instead of monthly
- Review the limits in your policy and the value of your possessions at least once a year
- Ask us about additional discounts
- Evaluate your policy and eliminate any coverage you no longer need
- Consider increasing your deductible.
- Don’t confuse what you paid for your house with rebuilding costs
- Keep your home well maintained
- Replace your roof, water heater, and other equipment when needed
- Review your policy regularly. You may not need the same kind of coverage you did a few years ago.
Life insurance
There has been no evidence of life insurers pulling out of the market, premiums have remained steady, and COVID-related claims are already being paid. Your policy will cover you if you pass away due to COVID-19. Life insurance companies cannot change the terms of coverage for active policies, so anyone who was covered remains covered.
At McCormick Insurance Solutions, we know that life changes abound. One day you might be graduating college, the next thing you’re getting married, then perhaps a baby comes along the way. Eventually, we all face losing a loved one.
Give us a call
No matter your age or life stage, your earned income likely provides a means to protect those who you’ll leave behind. And, if you die unexpectedly due to an accident or illness, your paycheck won’t be there to take care of your survivors.
The good news is that a life insurance policy payout will likely cover any remaining credit card bills, mortgage payments, college tuition, and funeral expenses.
We can compare Your home insurance rates with 40 carriers in one call and SAVE!
As an independent broker in San Diego, McCormick Insurance partners with AM Best-rated homeowner’s insurance carriers. This means we offer competitive, comparative rates from nationally known insurance providers.
This information in to be considered general in nature. All claims will be settled based on your actual policy terms and conditions.