2018 Insurance Suggestions

2018 Insurance Suggestions

These can help you save money and better prepare you for whatever 2018 has in store.

  1. Review your policies. Did you make any changes in 2017? Perhaps you got married, had a baby, bought a new home, or sold your boat. Carefully review all policies to ensure they’re still appropriate. Check that all information about your belongings, and more important, you, is accurate. Ensure adequate coverage is in place for your current lifestyle. Keep an eye out for any potential discounts.
  2. Reduce claims. Take steps to prevent claims this year. Use proper safety precautions in the kitchen. Keep your home and car secure by keeping things well-locked, well-lit, and well-protected. Use safe driving habits. For many, the key to all this is simply slowing down the frantic pace of life a bit. Take the time this year to focus on what you’re doing. Be “intentional.” You’ll have fewer mishaps at home and on the road. And the result will be a year highlighted, not with insurance claims, but with peace of mind.
  3. Visit your agent. With policies and inventory in hand, contact your insurance agent. The start of a new year is a great time to make an appointment so you can review all your coverage at the same time. He or she will help you determine what changes, if any, should be made for the year ahead. As well, your agent can recommend policy changes to save you money, point out discounts available, and make sure you have the right coverage for your current needs.

Keep these resolutions, and prepare for a secure 2018.


Trend-Setting Boomers Are Still Doing What They Love

We can’t welcome 2018 without wondering what the boomer generation will be up to this year. In fact, many boomers are still doing what they love, and they’re still doing it well! After years of working for others, they’re making the decisions – and taking the risks – to start their own businesses in retirement.

Notes writer Wendy Mayhew in the Globe and Mail: “Many people can’t wait to retire. They want to golf, travel, or just take it easy. Others can’t wait to retire so they can start the business they have always dreamed about.”

According to the 2017 Kauffman Index of Entrepreneurship, individuals between 55 and 64 accounted for 25.5% of all new entrepreneurs in 2016, while the number of 20- to 34-year-old entrepreneurs declined by 34.3% over a 20-year period to 24.4% in 2016.

Why? It may be that the boomer generation is healthier and more energetic than previous generations, it may be that boomers (who are notoriously bad savers) need to supplement their income in retirement, or it may simply be that older workers have a lot to offer.

In a recent CNBC article, Jody Holtzman, senior vice president of market innovation for AARP, suggests: “[As a boomer] you know what works and what doesn’t, you’ve been in small and big companies … You have a network, possibly savings, or other ways to gain access to capital. All of those things come together as key success factors for building and sustaining a business.”

Plus, boomers have always wanted to change the world. And now’s their chance.


Twitter Re-Tweets from 140 Characters

If you want to share more this year, the Twitter universe is making it easier. Last fall, the social media network announced it was retreating from its 140-character limit and rolling out a change to 280 characters to the majority of its 330 million-plus users worldwide.

Twitter was developed in 2006 as an alternative to text messaging; individuals subscribed to get and send updates in real time. Interestingly, Globe & Mail reporter AndrĂ© Picard found a dictionary definition of “twitter” as meaning “a short burst of inconsequential information.” In fact, users loved it for this very reason. As its popularity grew, it became an opportunity for people to share their views, and to “follow” friends and celebrity Twitter users. Celebs boasted followers in the millions – pop music icon Katy Perry had 105 million followers in November 2017 – but many users found the 140-character limit restrictive.

The company stated: “We are making this change after listening and observing a problem our global community was having – it wasn’t easy enough to tweet …” Based on testing, it expects an enthusiastic response from Twitter users and, almost inevitably, more subscribers.


A Home Inventory Can Help You before and after a Disaster
If disaster struck, could you recall every item you own? And what you paid for it?

After a fire or a flood, a complete home inventory will help you verify your losses and settle insurance claims faster. It can also help you and your agent determine how much insurance you need. To prepare an up-to-date home inventory, follow these easy steps:

List it: Make a list of all your possessions. Walk from room to room, noting what each space contains. Include basic information such as the make and model and the cost. For major appliances, record the serial numbers. Don’t forget any items you have stored outside or off-site.

Document it: Keep sales receipts, contracts, and appraisals with your list. As you purchase new items, be sure to add them to this inventory. To stay organized, you may want to create an envelope system to group receipts based on type of item. Be sure to store your inventory and all receipts in a fire-safe box or in a safe deposit box to ensure it’s available after a disaster.

Picture it: For a thorough record of your belongings, take pictures. Capture entire rooms and/or individual big-ticket items. You may also want to shoot a video of your inventory. Walk through your home and describe the contents as you record them. These photos and videos can be extremely helpful when making an insurance claim.

Your insurance agent can be a great source of help when you’re creating your home inventory by providing tips, recommending inventory apps, and – most important – offering advice on the right coverage.

February 26th, 2018 by Lightship Insurance