Review Your Annual Insurance Policies
As life evolves, it’s essential to keep your insurance coverage up to date. One of the best times to do this is when you’re already reviewing your financial situation, or during any routine check-ins. Whether you’ve experienced major life changes or made new purchases, reviewing your insurance policies annually ensures you’re fully covered.
The best way to start is to meet or call your agent to go over your coverage. Here are some key questions to ask yourself when reviewing your policies:
What major changes have I had in my life?
Did your marital status change? Do you have a new baby in the family? Have you become an empty-nester? Did you get a new job or start a business?
These life changes can significantly impact your home, auto, life, and health insurance policies. For example:
- Life insurance is crucial if you’ve had a baby.
- If your child is now on their own, they may need their own auto insurance policy.
- A homeowners policy may not cover a new business being operated from your home.
- A newly licensed driver increases your liability risks, and you might want to consider adding an umbrella policy.
Speak with your agent to review and adjust your coverage accordingly.
Did I get any new belongings or get rid of old ones?
Have you recently purchased an engagement ring or other valuable items? Made significant home improvements? Bought new “toys” like an ATV or boat? Or perhaps you’ve downsized your possessions or sold a home?
Some personal property, like jewelry, furs, or firearms valued at more than $1,000, may have limited coverage under your homeowners policy. A home addition will increase the replacement cost of your home, so it’s important to verify that your policy covers this. Additionally, a tow-behind camper might need to be added to your auto policy for physical damage coverage. Depending on the size, a new tractor may not be covered under your homeowners policy. On the other hand, you may no longer need some coverage, which could save you money by adjusting your policy.
Stay Prepared
Life is unpredictable, and while we don’t like to think about unexpected events, being prepared with proper coverage is key. We understand that reviewing insurance policies might seem tedious, but it’s something we’re passionate about and here to help with.
Whether you’re already insured with us or simply want to explore your options, reach out to us via phone or chat to review your policies. We’re here to ensure your coverage meets your current needs.
