January 3, 2023

While you’ve probably made some sound New Year’s resolutions for 2023, you may also want to consider a few that will give you more peace of mind and better protection.

Our ideas for insurance-related resolutions can help you save money and ensure that all of your important assets are properly insured. You may want to think about the following three resolutions:

Investigate Premium Discounts

Insurance companies price their policies based on the amount of risk they are taking to insure you. But there are steps you can take to help reduce your risks, and as a result lower your premiums.

While you are already likely taking advantage of various premium discounts, you may not know about others that insurers offer. You can call us to find out if you qualify for any of the following:

• Anti-theft devices (car) or home security alarms
• Multiple policies discounts (such as bundling home and auto)
• Claims-free discount
• Newly certified teachers
• Paperless discount
• Safe driver discount
• Discount for AAA Members
• Student drivers with good grades

Another way to reduce your auto premiums is to raise the deductible on your vehicle collision and comprehensive coverage.

Make a Home Inventory

The reason we purchase insurance is to help us recover, rebuild and replace after a loss.

The last year has seen high tornado and wind activity, and flooding, all resulting in thousands of Michiganders losing their possessions and homes.

Keeping a comprehensive home inventory (and updating it annually) can help you replace your belongings after a loss, as accurate records will make it less likely that there will be a dispute between you and your insurer if you ever file a claim.

Identify and Fix Coverage Gaps

One scenario you do not want to experience is filing a claim only to find out that your loss isn’t covered under any of your policies.

We can work with you to try and eliminate those scenarios, but there are also times when your circumstances change. If you don’t update your insurance coverage accordingly, you might find yourself with a gap in coverage.

Pay extra attention to big-ticket items like jewelry, which may not be fully covered under your homeowner’s policy. If this is the case, you may want to consider increasing coverage or scheduling these items.

Coverage can be increased on jewelry, watches, furs, silverware, goldware, platinumware and pewterware.

Scheduled personal property coverage is for sudden and accidental direct physical loss or damage to the insured items, and a deductible typically does not apply.  

Similarly, you can look into flood insurance if you are not already covered. Flooding is not covered by a typical homeowner’s policy and even if your mortgage provider does not require it, it doesn’t mean you don’t need it. Meemic doesn’t offer flood insurance directly, but we can help you find an insurer that does.

Contact us so we can help you find potential gaps in your coverage and discounts that may put a little more money in your pocket this year.

This information is being provided for general informational purposes only. Meemic Insurance Company does not assume any liability in connection with providing this information.

Discounts and savings opportunities subject to eligibility requirements. Coverage is subject to all policy terms, conditions, exclusions and limitations.  Subject to underwriting eligibility requirements.  Insurance underwritten by Meemic Insurance Company, 1685 N. Opdyke Rd., Auburn Hills, MI  48326.