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2021 may bring new insurance needs

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Posted at 12:20 PM, Dec 28, 2020
and last updated 2020-12-28 12:20:28-05

LANSING, Mich. — As we head into 2021, it may be a good idea to review insurance policies and make any necessary changes before the new year begins.

A new study found some interesting trends about things people have done in 2020 that could have affected home and auto policy premiums.

The study from Bankrate finds that almost half of those surveyed with homeowner’s insurance, and a third with auto insurance, never reviewed their policies in 2020.

Of the U.S. adults surveyed:

  • 21% improved their credit score,
  • 15% did home renovations,
  • 12% stopped commuting to work,
  • 8% got a dog and
  • 7% added new security to their home.

Additionally, a lot of home improvements were made during the pandemic. If you upgraded flooring, added square footage, or put in a pool, you may need to increase your coverage.

If you stopped commuting every day, that should lower your car insurance premium.

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