As the calendar prepares to turn from 2015 to 2016, it's likely that your thinking of New Year's Resolutions for the upcoming year. At the top of most people's list is money and how to spend more wisely.

Whether its money, smoking cigarettes, or just vowing to be a nicer person in general, we recommend you start off with at least one easy resolution: check your current insurance policies.

Setting aside an hour or two to dig into your current insurance policies may result in saving on your premiums. A one-time switch to a new policy or just identifying a new discount on your current policy could keep more money in the bank all year long.

To get started, gather each of your insurance policies: auto, home or renters, flood, motorcycle, RV, boat and umbrella insurance. Most of the information you’ll need should be on the summary page for each policy:

  • Amount of coverage
  • Premiums
  • Deductible

Motor vehicle insurance review

Whether you own a car, truck, RV, motorcycle or boat, or even more than one motor vehicle, during an insurance review you should look carefully at each coverage level and decide if the amount of insurance is too much or too little. You can find out the minimum levels required by your state or your vehicle financing company and then think about your ability to pay out-of-pocket for some costs.

Next, check out your deductible. If you haven’t changed it since you purchased the policy, it may be time to reevaluate. Opting for a higher deductible can save you money on your premiums, but be sure you can comfortably afford to pay that deductible if you must make a claim.

You may also be eligible for discounts that are not reflected on your current policy, particularly if you have reduced your commuting time, joined your alumni association or are ready to bundle more than one insurance policy with the same company.

Be sure to compare your current policy with premiums for the same coverage from another insurance company to see if you can save.

Home or renters insurance

Coverage for your personal possessions or your home may need to be changed once a year or more, depending on whether you’ve purchased significant new items or have made improvements to your home. Check your policy to see if you have adequate coverage for special items such as jewelry or art. Consult an insurance agent to be certain that you have sufficient insurance to replace your home if necessary, because it’s possible that you have a gap in coverage if construction costs have risen since you last reviewed your policy.

Just like with motor vehicle insurance, you can save money on premiums by raising your deductible, but make sure the reduction in premium is worth the potential expenditure if you must make a claim.

Check for discounts on your home insurance, too, for things like a security system, installing a hail-resistant roof or bundling your coverage.

Flood insurance

If you have flood insurance, make sure you have adequate coverage for your home and your personal possessions. If you don’t have a flood insurance policy, this would be a good time to look into the cost and decide if you need it.

Flood damage isn’t covered by your homeowners’ insurance policy and it’s possible, even if your home isn’t located in a flood zone, your home could still be hit by flooding.

Umbrella insurance

Umbrella insurance is an inexpensive way to provide extra protection for your assets – including things like your future income, your investments and your retirement funds – from loss because of a lawsuit.

Umbrella insurance is an added liability protection above your home insurance and auto insurance.

If you have it, check to be sure you have enough coverage, particularly if your income and assets have increased in recent years. If you don’t have it, this would be a good time to look into the benefit and cost to see if it’s something you should add to your insurance portfolio.

Interested in shopping for a new quote? Let us help you find auto insurance: