Every January, we compile a list, whether it’s mental or physical, of all the ways the New Year will be different. We often include ways to be a better person, get in shape, and learn a new skill. As we dwell on aspects of our lives that we hope to change, we overlook an important resolution – to ensure we are protected from any event we might experience in the upcoming year. Considering it only involves a phone call and/or meeting, reviewing your insurance policy may be the easiest resolution to keep.
When your insurance policy is up for renewal, I encourage you to set up a meeting with your agent. During the meeting, you and your agent can discuss any changes to your policy or concerns you may have about your coverage. Remember to ask questions like:
- Does my policy include new deductibles?
- Should I raise my deductible to save money?
- Am I taking advantage of available discounts?
- Do I need to raise the amount of coverage for liability or other factors?
Aside from the New Year, when should you review your policy?
After home improvements. If you have made changes to your home, be sure to report those changes to your agent. Homeowners risk being under-insured when the insurance agency is unaware of major changes being made to the home.
After major purchases. If you have invested money in a car, a snowmobile, or business, be sure to insure your assets. Reviewing your insurance is a way of ensuring you have the proper coverage.
After major life changes. Marriage, retirement, a new job, or new baby all affect your insurance policy. If you’ve experienced any of these changes, be sure to review your policy to ensure you have the maximum coverage.
After increasing your home’s security. If you have made your home safer by installing an alarm system or by upgrading your heating, plumbing or electrical system, you may qualify for a discount on your homeowner’s insurance.
When you have new drivers in the house. Changes may have occurred since you purchased your policy, there may be more or fewer drivers in your home. Be sure each driver is insured.
When you purchase a new vehicle. The type of coverage needed depends on the specific vehicle you own or operate. If you bought a new car with assistance from a loan, you may be required to have a different type of coverage.
Your health or lifestyle has changed. The policy costs and type of life insurance covered is affected by health and lifestyle changes. If you have stopped smoking, are no longer engaged in dangerous activities (i.e. racing, scuba diving, or piloting), or your health has declined, your life insurance policy can be adjusted to reflect those changes.
Call or visit us today to schedule your insurance review – 570.296.8329