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With all the holiday things we've all got going on, trying to find extra time to take stock of your financial life at this time of year is asking a lot, I know. But now is the best time to evaluate or re-evaluate several financial topics to ensure that 2022 starts on the right foot. Knowing you're on top of things can bring you financial peace of mind as well as emotional security, so carving out a few hours this month to take a look at things will be time worth spent.

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# Double-Check Your Homeowners Insurance
Spending the money to upgrade your homeowner's insurance to replacement cost coverage is an excellent investment. If you have actual cash value coverage on your policy and own some furniture that's 5 or 10 years old and is damaged because of a fire or theft, your insurer will figure out its current value, and that's what the insurer you'll pay. It won't matter if you paid $5,000 10 years ago to buy the furniture; if your insurer determines the furniture is only worth $1,000 today (because of depreciation), that's all you'll get.

 

# Remember to Insure Your Possessions
An important thing to remember is that certain types of personal property such as computers, jewellery, or fine art are only covered for meagre amounts. It would help if you considered buying additional coverage for them, so you're fully covered should you need to replace them.

 

# Review Your Deductibles
Picking a deductible on your homeowner's policy, which you can afford to pay out of pocket, is also essential. The higher your deductible, the lower your premium. Keeping your deductible low is tempting, I know.

 

# Confirm Natural Disaster Coverage
Too many people think their homeowner's policies will cover damage done by natural disasters; they won't, and folks are surprised when their insurer tells them they have no coverage. Yes, these types of coverage are expensive. Yes, it's time-consuming to research and complex to budget for them, but if you live in an area that is prone to natural disasters (floods, hurricanes), it will benefit you, in the long run, to account for this type of coverage.

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This is the time of year to look back at whats happened and look forward to what might. Getting all your financial ducks in a row is an excellent way to start.


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Thank you for reading and hope you have a good rest of the day!

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