Ah, 2014. A new year is upon us! Have you resolved to make any changes in the new year? If your resolution has to do with saving more money, sticking to a budget, making wiser financial decisions or the like – don’t forget to consider insurance! Insurance is an important piece of building a solid financial foundation because it helps to minimize your financial risks.
Don’t know much about insurance? This new year is a good time to learn a little more about it. Insurance can help provide you with valuable protection from potential risks, like if you need to replace your laptop if it’s stolen or visit the doctor because you’ve caught the bug that’s been going around the dorms. Both scenarios can be quite expensive, but with the right insurance, you won’t have to dig up the cash.
Depending on your situation, your insurance needs will vary. This new year, resolve to learn more about your insurance needs and the plans that can protect you and help you build a solid financial future. College is financially challenging enough without risk!
Determining How Insurance Can Help You
Re-evaluating your existing coverage can save you money and in the future, and ensure you are protected against misfortune down the line. So this year, resolve to get smarter about your insurance by learning more about what kind and how much coverage you need. You may find you’re vulnerable and need to start new coverage.
Speaking with an agent to review your existing plans and learn more about others is one way to get on top of your insurance game this year, but there are also many helpful resources and tools on the web to get you started. Here are some tools to help you figure out what you may need:
- How much is your stuff worth? Do you need Renters Insurance? Check out this easy, interactive renters calculator to see how much it would cost to replace your belongings it if something were to happen (and if you can’t afford that amount, consider renters!): GradGuard Renters Calculator
- If you have a car, do you have enough Car Insurance coverage, or the right coverages? In some cases, spending a little bit more on your car insurance can save you tons down the line, or maybe you have more coverage than you need and can pare down your limits. Check out Geico’s fun Coverage Coach tool to see what they recommend: Coverage Coach
- With changes in healthcare and the Affordable Care Act taking hold, now is a great time to check up on your Health Insurance coverage or get covered if you’re not already. Many schools require that you have coverage, but not all schools carry a plan. HealthPocket has a simple search tool to help you find plans in your area, and a rating system to make finding the best ones easy. Check it out: HealthPocket
- Think about the areas in your life where you may be vulnerable. There are solutions for many areas of student life, from Tuition Refund Insurance to help protect your investment in your education to identity theft protection to specialty benefits like the Student Protection Plan that includes emergency travel protection if you’re far away at school. Doing your research or speaking with an agent can help you identity the areas of your life where you may have higher risks.
With all of the above tools and resources, remember to tailor your coverage to your needs. There is no one-size-fits-all policy, your situation is unique and should be insured as such. The best way to get custom coverage is to know what you have and what you want to protect, and the tools above can help you determine those values, as can doing your research and speaking with an agent with any questions you may have.
Choosing the least expensive policy could save you a couple bucks now, but if it’s not adequate coverage, those savings won’t really matter if something were to happen. With insurance, value is more important than price. Talk with an agent to see if you qualify for any discounts to make sure you’re getting the best deal possible!
Insurance can be intimidating, but it can also be a lifesaver in the event of a loss. A little legwork now can save you down the line. In life, accidents happen. Don’t let one set you back and keep you from achieving your New Year’s resolutions this year. Help protect yourself and your money with the help of insurance. Do your research, talk to an agent and get the coverage that will keep you moving forward! Have a happy, healthy and protected New Year!