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  • Writer's pictureJade Kurta

7 Items to Annually Review for Your Insurance Needs

Our lives are constantly changing. Make sure you’re keeping up with those changes and adjusting your insurance accordingly.

Read on to see why you should be reviewing your homeowners/renters/condo and auto insurance policies annually, and what exactly you should be considering when reviewing them.


Top 2 Reasons to Review Your Insurance:

Most personal insurance policies are automatically renewed every year or 6 months. Before the renewal takes place, it is beneficial for you to assess your coverages to ensure all the previous term's information is accurate, and that you still have the best coverage at the best rate.


1. You might not have adequate coverage.

A lot changes in a year. Even a seemingly small change in your day to day life could expose a big insurance coverage gap. Annual reviews will examine all areas of your life to see that you have the proper coverages and limits on your home/car insurance. These reviews can also identify if your life changes bring up any new types of insurance needs, such as life insurance or umbrella insurance.


2. You might be missing out on savings.

By not reviewing your insurance, you may actually be paying more than you need to for coverage. Reviewing your current situation will help your insurance agent identify any discounts you may be able to take advantage of.


Now you know the key reasons an insurance review is worthwhile. Let's get into the top 7 items to review regarding your insurance policies.




7 Items to Review With Your Insurance Agent

Let’s go over some of the policy areas that should be evaluated. Below are a variety of life changes that can influence your insurance needs.


1. You’ve made changes to your home or property.

Renovations, additions, decks, garages, sheds, pools, kids playsets, trampolines, etc. — all of these changes could affect your insurance. It's likely that you put a lot of money into these changes, so let's make sure you have proper coverage. "Attractive nuisances" like pools, playsets, and trampolines need to be factored into your premium. You may even want to consider an umbrella policy to help cover you should a catastrophic event happen.


2. You’ve made a big purchase.

If you’ve made a big purchase or inherited an expensive item, you may need to raise the limits on the personal property section of your home insurance, or schedule the item on your policy. Scheduling an item allows the item to be covered in full, and not limited by personal property restrictions. For example, if you have a $5,000 jewelry limit on your policy, but have $15,000 worth of jewelry, you can schedule the jewelry items to ensure you'd receive full value if there was a covered claim.


3. Drivers have moved in or out of your home.

Depending on their driving records and each company’s factors, adding/removing a driver from your car insurance policy can affect your premium rates. Making sure you have the right coverage for new household drivers is essential.


4. Your vehicle usage has changed.

Is anyone on your auto policy newly using a vehicle for work? Your policy will need to include that the car is being used for business. If not, an incident that occurs while the driver is working may not be covered. Are you working from home and using your vehicle occasionally? Mileage limits can be changed to reflect that.


5. Your marital status has changed.

You should let your insurance company know if you got married or divorced. Marital status can affect your premium as well as who should be named as an insured on your policies.


6. You’ve welcomed a new family member.

A new family member is an exciting time! Don't forget to let us know about it. You may want to increase your home contents limits to include all your new baby-related gear. This is also a great time to consider purchasing life insurance to create a financial safeguard for your family should something happen.


7. You got a new pet.

Even if your pet is a well behaved fur ball, your insurance company will consider it an additional risk. Be sure to inform your agent of your new companion so they can factor it into your policy and make sure you have adequate coverage.


When considering your insurance policies for the next year, you should also be factoring in if you’re anticipating any life changes in those next 12 months.


Let us do the thinking for you

We know you’re busy. Let us take "review insurance" off your to-do list. If you're one of our clients, we automatically schedule reviews before your renewals. If you're shopping around for insurance, we would be glad to help review your needs and coverage.


Give us a call or fill out our contact form to get started.

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