4 Reasons You Need to Review Your Insurance Policy

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Why You Must Review Insurance Policy on an Annual Basis

4 BIG Reasons You Need to Review Your Insurance Policy

As we get ready to say goodbye to 2017, and welcome 2018 with open arms, we reflect on everything that’s happened over the past year. Were there major life events? New additions to the family? Significant changes? Did you buy your sweet new ride you’ve been waiting for forever? Or perhaps your 16-year old niece moved in with you.

We don’t think about how these changes affect other things outside of our life. In fact, it’s rare to even think about how they directly impact your homeowner’s, auto, life, or recreational policies. Oh, but they do. Here’s how:

Life’s Changes

If you’ve moved, changed your phone number, bought a new vehicle, added new driver, purchased a new four wheeler, and so on, it’s definitely time to update your policy. Some of these factors could not only leave you at-risk, but you could also be missing out on savings opportunities.

Beyond your car and household situation, have you made any significant improvement to your home this past year? Make sure they’re covered. In an unexpected event of a fire, or even accidental damage, you want to make sure you can replace it. The last thing you want is to have to come out of pocket on an improvement you’ve already invested so much time and money on. For more information on what kinds of home improvements you should talk to your insurance agent about, check out our previous article.

Uncover Discounts

It’s worth checking with your insurance agent every year to make sure you’re receiving all applicable discounts on your policy. Are you married? Did you or someone on your policy recently graduate? Did your child go off to college and leave the vehicle behind? Or perhaps you’re taking public transportation more often, and aren’t driving your vehicle as often. All of these are just a few examples of discounts that could be left on the table without an annual review. Also, don’t forget about multi-policy discounts, which can be significant! Even something as simple as adding renter’s insurance can save you big on your auto insurance.

New Features or Services

Not every new feature or service offered by your insurance carrier is going to be the right fit for you – but there may be more opportunities for you to save money, or get added bonuses and benefits to your policy. Your annual review is a great time for you to find out what your insurance company is offering. It could help you out.

Shifting Life Insurance Needs

Similar to how our life changes affect our home and auto insurance policies, it most definitely affects what you need in a life insurance policy. When you’re getting married, buying a new home, or having a child, it’s crucial to review your life insurance needs. Thinking about how much money your family would need to maintain their lifestyle, pay final expenses, ongoing bills, and so on, is important. If you’ve already purchased a life insurance policy, it’s critical to review it on an annual basis to ensure you’ve got enough coverage in any event you’re injured and out of work, or if you pass. They’re not the most fun thoughts, but these are events you must be prepared for.

Make sure you schedule a 30-minute conversation to discuss your insurance policies. Let’s make sure you’re totally protected, receiving the discounts you deserve, and won’t be left in the dark should an event occur next year. Give me a call to set up a time to chat!

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