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AAA recommends yearly 'tune-ups' of one's insurance coverage

Posted On Thu, January 14, 2010

Taking some time to "tune-up" your insurance coverage by looking over its policies and rates on a regular basis may be an essential step in preventing against financial, or physical ruin down the road.

According to AAA, insurance coverage is one of six components that they recommend reviewing as part of a "financial tune-up" designed to help those dealing with monetary problems find a way to get out of debt.

When it comes to reviewing insurance plans, AAA recommended going through all insurance policies at the beginning of each year to see if any values or coverage options have been adjusted. Additionally, finding out about less common forms of coverage such as liability protection of life insurance policies may be worth an investment to prevent any financial troubles later in life.

"Although insurance isn't cheap, not having the coverage you need when you need it can be financially ruinous to your household," read a release from AAA. "If you have not reviewed your coverage in some time or know you are missing important protection you need, take time to speak with an insurance agent."

In addition to monitoring one's insurance policy, AAA also recommends annual check-ups on one's spendable income, the monthly and annual expenses on rent and utilities, one's ability to save money in their current financial situation, and their credit score.

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