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No doubt about it, things cost more these days.  The costs to repair or rebuild your home have increased significantly.  It would likely cost more to replace your car than you think.  The cost of living has gone up – think food, fuel, clothes, day care.  The loss of a wage earner’s income due to injury or death is tougher to deal with now.  And since our state’s no-fault automobile laws changed in July 2020, the odds of being sued have increased. 

Most of us rely on insurance to cover accidents that result in financial loss or lawsuits.  Many of us made decisions about our insurance coverage and the limits of coverage prior to July 2020, before the cost of so many things increased.  Do you remember the insurance coverage decisions you made?  Shoot, I do this for a living, and I can’t remember all the decisions I made!  That’s why I periodically take the time to review my life situation, the financial losses I’m willing to pay for myself and the financial losses I need an insurance company to handle for me. 

Our response to change is often to be consistent.  Stay the course.  Take the “it’ll all work out” attitude.  And, you’re right!  The odds are it will work out.  The odds are you won’t even have a loss that insurance could cover.  But from where I sit, everyday insurance claims are made, and some of them are huge.  That’s when people find out how their decisions from however long ago will meet their needs today. 

Right now, if something bad happened, would your insurance do what you need it to do?  The answer to this question matters greatly.  Just ask your insurance agent for a review of how your insurance would work for you when you need it most.  If you haven’t contacted your agent in the last couple of years, it’s time to pick up the phone and have a good conversation with your insurance agent!