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New Year, New Coverage: Your Annual Insurance Checkup

As we step into a new year, many of us pause to reflect on our life goals and resolutions. While most resolutions may focus on personal growth, finances, or health, it’s paramount to consider safeguarding what matters most to us. This can be achieved through a thorough review of our insurance policies.

Why an Annual Insurance Checkup is Crucial
According to Mercury Insurance, the beginning of the year is the ideal time to ensure your insurance coverage is still appropriate for your current situation. Whether you've moved recently, welcomed a new family member, or made significant purchases, each event can impact your insurance needs. Justin Yoshizawa, the Director of Product Management at Mercury Insurance, emphasizes that “Insurance needs can shift as life changes,” reinforcing the importance of an annual policy checkup.

Checking your insurance policies doesn't have to be daunting. A simple assessment can reveal gaps in protection, confirm that your coverage limits meet your needs, and offer you peace of mind for the year ahead. From small tweaks to larger adjustments, every effort counts in strengthening your financial security.

Key Areas to Focus On
To make the most of your insurance review, consider examining the following key areas in your policies:

• - Coverage Limits: Ensure your policies provide adequate protection for your assets. If you’ve acquired new items like a car or made improvements to your home, it’s vital your coverage reflects these changes.
• - Deductibles: Evaluate whether your current deductible is still manageable. Increasing it can often reduce your premium, but ensure it aligns with your financial capabilities.
• - Premiums: Compare your premiums with market rates. Don’t hesitate to inquire about any new discounts you might qualify for, whether for safety features, bundling policies, or maintaining a clean driving record.
• - Exclusions: Pay close attention to the specific exclusions in your policies. You might find that additional coverage for specific risks (like floods or earthquakes) is necessary based on your new circumstances.
• - Beneficiaries and Life Events: Make sure your beneficiary designations are current. Major life changes, such as marriage, divorce, or childbirth, are perfect opportunities to reassess your coverage needs.
• - Policy Details: Familiarize yourself with the specifics of your policies, including the declarations page. Don't hesitate to ask your insurance agent questions for clarity.

Stay Proactive with Your Insurance
Justin reminds us that “Life can change fast, and your insurance should reflect that,” highlighting the importance of routine checks. Marking the start of the year as a review period makes it easier to remember and prioritize your insurance checkup.

About Mercury Insurance
Mercury Insurance, a robust player in the insurance market listed on NYSE (MCY), delivers a variety of personal and commercial insurance products. Since its inception in 1962, Mercury has garnered a reputation for providing competitive rates coupled with stellar customer service, thanks to its workforce of over 4,200 employees and a broad network of independent agents. With operations spanning across several states including California, Florida, and Texas, Mercury stands as a reliable choice for various insurance needs, ranging from auto to homeowners and beyond. They consistently earn high ratings for their services and products, making them a household name in the insurance landscape.

As we usher in the new year, let’s make it a habit to prioritize our insurance reviews. These steps not only protect our assets but also ensure our families are secure in changing circumstances. Let’s take the necessary steps this year to reinforce our peace of mind, knowing we are covered under any situation.