Insurance is something many of us automatically renew without considering whether we need to change our coverage. If you haven’t done an insurance review in a while, it’s a good time to start a new annual habit.

Here are five powerful reasons to take a few minutes for an insurance review this year.

Unintentional Insurance Gaps

Perhaps you’ve bought appliances or electronics, installed a pool, or upgraded your kitchen. Maybe you received an expensive piece of jewelry as a gift and assumed it would be protected under your policy. Or you may have downsized and now own much less.

The point is the coverage you have can sometimes stray away from what it should protect. You may not have enough coverage to protect the value of your property, too much coverage, or you may need another coverage type. An insurance review can resolve these issues.

Life Changes Affect Needs

Your insurance coverage should change with your life. If you’ve married or you’re living with someone new you should review your insurance. Equally, your insurance needs may change if you separate or divorce.

Don’t forget about your vehicles, either. Do you have a new driver in your household or someone living with you who will drive your car? Your insurance needs to change alongside your life.

Home-Based Business or Property Rental

Don’t assume your homeowners insurance policy will protect business assets. Chances are it will exclude any business-related claims. This could be a very costly mistake, especially if you own expensive equipment or hold considerable inventory. You may need an umbrella insurance policy for an added layer of protection, too. You will also want to review your auto insurance if you use your personal vehicle for business.

If you rent out your home, talk to your insurance agent. This could be considered business activity and excluded from your homeowner’s policy.

Missed Discounts

Insurance companies don’t necessarily apply discounts automatically. An annual review with your insurance agent can reveal discounts that can reduce your premiums and who doesn’t like that?

If you’ve improved the safety in your home or vehicle, you could qualify for a discount. If you or someone or your policy reached an age milestone, you could qualify for a discount. Do you belong to an alumni, union, or professional organization? You might qualify for a discount.

Improving your credit, sticking with the same insurer, and maintaining a claims-free history may merit discounts, too. You won’t know unless you review your insurance.

Meet Legal Compliance

Insurance policy applications include a requirement that the policyholder must update their details to include important changes. The omission of important information, whether intentionally or unintentionally, could lead to coverage denial and negate the purpose of having insurance in the first place.

An annual insurance review also offers peace of mind. Your agent will ensure you have sufficient coverage to rebuild or replace valuable items if you experience a loss.

Don’t feel intimidated by an insurance review. Our agents work for you, not the insurance companies and it doesn’t take much time. We can answer your questions and find you the best possible coverage for the most reasonable price. Give us a call, today.

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