Here are ten compelling reasons why you should regularly review your personal insurance policies:
Life Changes: Major life events such as marriage, having children, or retiring can significantly impact your insurance needs. Ensuring your policy matches your current life situation helps protect what matters most.
Property Improvements: If you’ve made upgrades or renovations to your home, such as a new kitchen, bathroom, or security system, your policy should reflect these changes to ensure you’re adequately covered. Even if you don’t think anything has changed in your situation that would impact insurance, we know to ask you specific questions that you may not have considered.
Vehicle Upgrades: Whether you’ve purchased a new car, added custom parts, or simply paid off your vehicle loan, updating your auto policy can help you save money and ensure proper coverage.
Discount Eligibility: Over time, you may become eligible for new discounts that weren’t available when you first purchased your policy. Regular reviews can uncover savings opportunities like bundling, safe driver, or loyalty discounts.
Coverage Gaps: As your lifestyle changes, you may find gaps in your current coverage. Regular reviews can identify and fill these gaps, ensuring comprehensive protection.
Policy Updates: Insurance providers periodically update their policy offerings and terms. Reviewing your policy ensures you’re taking advantage of the latest coverage options and benefits.
Market Changes: The insurance market fluctuates, and new products or competitive rates might become available. Regularly comparing your policy with current market options can ensure you’re getting the best value. We’ve seen clients who are overinsured AND those who are underinsured. We’ve had prospects come to us who haven’t reviewed their insurance in years, and we can often save them money or get them better coverage for the same cost.
Legal Requirements: Changes in state or local laws can impact your insurance needs. Reviewing your policies ensures compliance with the latest legal requirements and avoids potential fines or coverage issues. Also, did you know that Insurance policies often have terms and conditions that require policyholders to inform their insurer of any changes within a specified timeframe? Failure to disclose relevant information could result in coverage disputes or even denial of claims! Yikes. So, make sure your agent knows about any changes in your world!
Risk Assessment: Your risk profile can change over time based on various factors such as your driving record or the safety of your neighborhood. Regular reviews help adjust your coverage accordingly.
Peace of Mind: Regularly reviewing your policies provides peace of mind. Knowing that you’re adequately covered allows you to live your life with confidence, without worrying about unexpected financial setbacks. In addition, during a policy review, your agent can answer any coverage questions so you can be prepared for any upcoming situation.
As your trusted insurance advisors, our goal is to ensure you have the right coverage at the best price. Let’s schedule a review to discuss any changes in your life and how we can keep your coverage up-to-date.
