An annual insurance review will make sure you don’t have a gap in coverage - and that you’re getting all the discounts you qualify for.
Here are some of the things to review with your insurance agent for your annual insurance review.
HOME INSURANCE
Whether you’ve done things that add value to your home or improve the safety of it, you’ll want to go over your homeowner’s insurance to make sure you have the right kind of coverage for your home and personal property.
- Did you remodel any parts of your home that could increase the value?
- Did you add on new rooms or sections to your home?
- Did you acquire new valuables like jewelry, art, or collectibles that may need to be itemized for your insurance coverage?
- Did you add a new security system, take down an old trampoline, or build a better enclosure for your pool to make your home more safe?
When you add on to your home, you increase the value and the amount of insurance you need to replace or repair anything that’s damaged or lost. At the same time, if you’ve done anything to make your home more secure, you may qualify for discounts that can lower your premiums.
LIFE INSURANCE
We all go through different life changes throughout a year, and the last thing we might think about is updating our life insurance. Here are some things that could affect the amount of coverage you need:
- Higher income that you’ll want to maintain in case of a loved one’s death
- Higher expenses like cars or home that you’ll want to cover in case of your untimely death
- New family responsibilities - a new marriage, kids, or stepchildren increasing the size of your family
This is a good time to make sure you have enough life insurance to take care of your family if the unexpected happens.
AUTO INSURANCE
You may need more coverage or less, and you may qualify for discounts.
- Did you get a new vehicle? Do you need GAP insurance until you pay down the loan?
- Did your commute change? Longer drives need more insurance, shorter drives may lower your costs.
- Are you using your car for business? You may need a separate policy.
- Do you have family members or friends using your car more often? Make sure you’re covered if they cause an accident.
- Did your finances change? You might want to raise or lower your deductible.
- Did you get a divorce and no longer need to include your spouse on your coverage?
- Did you get married and would it make more sense to combine your insurance into one policy?
By updating your information, you may be able to afford more insurance or qualify for more discounts than before.
BUSINESS INSURANCE
When a business is new, especially if you’re working from home, insurance is the last thing on your mind. And when a business grows, you’re often too busy to re-assess your insurance needs. An annual review is a perfect time to go over your reassess your business insurance needs.
- Did you start a business this year? What kind? You may need liability insurance, even if you’re working at home.
- Did your business grow? Your limits may need to be increased.
- Did you hire any employees? You might need workers' compensation coverage.
- Is your business online? Cyber liability insurance could be something to consider.
- Did your business shrink? Some coverage could be lowered or dropped.
A lot can happen in a year, professionally and personally. Most people don’t think about their insurance until they need it. Make time for an annual insurance review so you’re not caught by surprise if you have to file a claim. Make sure you, your family, and your business are all protected.
Contact us today and let’s schedule your annual insurance review. We’ll make sure you have the right coverage at the right price, no matter where you are in life