Have You Reviewed Your Insurance Policy Recently?

7/29/2019 (Permalink)

Avoid a gap in your coverage, contact your insurance agent to review your policy.

Insurance policies are living documents. They can, and should be, changed periodically to accommodate changes in circumstances and needs of the policyholder.

A home renovation or upgrade can affect the value of your home and the coverage you need, and may qualify you for additional discounts. Furthermore, if you insured your home for a certain amount when you bought it, the home may have increased in value significantly over the years, even without renovations. This could leave you with a gap in coverage, making it difficult to rebuild if the home is lost through fire or other disaster.

Finding Available Discounts

Ensuring you have adequate coverage is not the only reason to review your insurance policies at least once a year. It is worth doing to make sure you benefit from any available discounts. For example, you may qualify for a discount on your homeowners insurance if you have installed a security system, or a roof that is resistant to hail. Many people save more than 20 percent on premiums by bundling insurance – buying their auto, home, and life insurance policies from one insurance provider.

Insurance companies are constantly creating new products and services to stand out and attract customers from other insurance companies. For those who qualify, some of these new features can save policyholders money in the long run.

Update Home Inventory

Your home inventory is a tool that your agent can use to determine the right level of coverage for your homeowners insurance. Plus, if you have a claim, having an up-to-date inventory will benefit you and get your claim paid faster. If you haven't done an inventory on your home in a while, we have some tips on where to start. If you have completed an inventory, right after the holidays are and ideal time to update! Be sure to share the updated home inventory with your agent when you're done.

Right-Size Your Life Insurance

Life insurance is not one-size-fits-all. Your coverage needs to evolve over time. If you don't have a policy yet, now is a great time to talk to your agent about what type of policy would best suit your needs (and your budget.) We have six things you should consider when you are looking at coverage. 

If you do already have life insurance, is it working hard for you? Could you get more benefit out of your policy while you are still living? Maybe. Talk to your agent about the ways you can make your existing policy work for you and your family.

Prepare for the Unexpected

You try to be as prepared as possible, but you never know what is right around the corner. Prepare for unexpected risks with an umbrella policy. Umbrella earns its name because the coverage arches over your vehicle and homeowner's insurance to provide an extra layer of protection: it starts where vehicle and homeowner's insurance liability limits stop. You might be surprised by all the things umbrella policies cover for an affordable price. 

Call Your Agent

When was the last time you evaluated your coverage's with your agent? Your agent can do an annual review  and make sure you are covered where you need it (and aren't paying for coverage's you've outgrown). Life changes fast, make sure your insurance keeps up.  Contact your agent and schedule a brief review today.

Like home maintenance, an annual insurance review is something that can go a long way to protecting what is likely your biggest investment. Your local agent will know the details of coverage for your neighborhood.

When was the last time you reviewed or updated your homeowners insurance policy?