New Year's Resolutions Should Include Comprehensive Insurance Review

Reviewing your insurance policies this month may not be the most glamorous New Year's resolution, but it could save you from financial ruin.

January 19, 2005 -- Reviewing your insurance policies this month may not be the most glamorous New Year's resolution, but it could save you from financial ruin. Staying up to date on your insurance needs is the easiest way to protect against having an uncovered claim. The experts at Smith-Feike-Minton, Inc. (SFM) recommend completing an annual review of personal and business policies to make certain the policies reflect the insured's lifestyle or business changes.

"Now is the time to take a comprehensive look at what you have insured and what needs to be added or changed," says SFM President Brian Smith. "As people earn additional income, purchase or remodel a home, have children or start a small business, their insurance needs change and the only way to account for the changes is to review what your current policies cover and dont cover."

In addition, Smith explains that many policy holders do not understand the nuances of what is and what is not covered with existing policies because the insurance had been purchased online or a policy holder was simply looking for the cheapest rates. Because consumers sometimes feel reviewing their insurance needs is overwhelming, Smith recommends a simple solution: set up a free consultation appointment with an objective and trusted insurance expert. And, he outlines three tips to consider when seeking advice.

1. Bring your policies to the meeting. Insurance policies can vary and in order to have a productive review, the advisor should be able to review the specifics of current policies.

2. Know how your account will be handled. Will you work with a team of insurance professionals or just one person? Will you be subject to voice mail systems and service centers or the professionals you chose to work with?

3. Know the credentials of the person who is dispensing the advice. Find out how long they have been an agent and if they have obtained an insurance specific designation such as the Certified Insurance Counselor (CIC) or Charter Property and Casualty Underwriter (CPCU).

"A red flag to watch out for in the insurance industry is if you have never actually met your insurance agent. By meeting this person you can begin to build a long term and trusting relationship," says Smith. "It is critical to know that you, your family and your business are secure in the event of an emergency. The best way for an individual to get the right policy is to meet the insurance agent and analyze your needs. A good insurance agent will match you objectively with what works best to protect you against catastrophic loss, and the cheapest insurance policy isn't always the most effective coverage."

About Us:
Headquartered in Wilmington, Ohio, with offices in the Mason, Chillicothe and Delaware, Smith-Feike-Minton, Inc. combines the objectivity of an independent insurance agency with the personal care and local knowledge to fully serve its customers. Serving clients in middle market business and personal lines, the team of insurance experts at SFM protects the security of the people who trust them, using innovative ideas to design plans that employ the best practices to the benefit of their clients. The producers at SFM form personalized partnerships, helping clients make educated choices and utilizing expertise gained from decades of experience in the field. More information can be accessed at www.sfm1.com or by calling 937.382.2546.

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