You might not think that insurance has much to do with finances, but it most certainly does. There’s many kinds of insurance: health, car, renter, homeowner, life and more. I personally have all the above.

My life insurance policy was gifted to me by my grandmother. My family is safe from any financial burdens that my death may bring. I haven’t dealt directly with the policy, but it brings me a sense of relief knowing that during their time of grieving, they won’t have to worry about how to pay for funeral costs or bills or anything like that. I have seen first hand how horrible it is to die without any sort of life insurance. Family fights about who is responsible for what. On that note, make sure you have a will or at least talk with family about what your final wishes are!

I have car insurance, in most states it’s required. If you get into an accident and don’t have insurance, you’re in for a world of hurt! If you’re found at fault, you could be sued! It’s no fun, make sure you’re covered! Ask your policy holder for any discount programs you may be eligible for to keep your premiums down. If possible, pay your premiums six months at a time to get a discount. Some companies offer that, others don’t. Make it a line in your sinking fund so you can have the full amount ready at renewal time.

Renters or homeowners insurance is huge! This week a very close friend of mine lost a lot of belongings in a house fire and she wasn’t covered on the insurance. It got me thinking about my own policy. Make sure when your renewal comes up that you still have accurate coverage. Most of the time I forget to update my renters insurance when we make large purchases. Estimate the total amount it would take to replace every belonging in your home! Take pictures every once in a while for inventory purposes!

Health insurance is a touchy subject for most. I have been on multiple different programs since the Obamacare system came out. I’ve been on both private and employer provided insurance policies. In the future I think I want to go with a high deductible plan with an HSA. Health Savings Accounts are tax free as long as the money goes towards medical costs. My HSA would have my deductible plus a little more in it to cover any medical expenses that arise. It’s expensive upfront, but then once you fill it, all you have to do is refill the amounts you pay out.

With it still being the beginning of the year, I encourage you to check your coverages. Are there places you can lower monthly costs? Call your policy holders and ask if there are any new discounts you can add. Set yourself up for success and make sure you have enough coverage!