Updated June 28, 2019 - Your insurance coverage is as good as the limits and coverage you carry. If you don't have the right policy in place, it could end up costing you or you coud be overpaying for extra coverage you don't need. As your life and needs change, so do your insurance needs. That's why you should conduct an annual insurance review and take a closer look at your insurance policies for changes and updates at least once per year. There’s no time like the present, so here’s how you can quickly update your insurance policies for a brand new start.

Tips for Your Annual Insurance Review

A lot can happen in a year! This month, take a moment for a personal insurance review to make sure that your policies reflect the lifestyle and assets you currently have.

Make sure you have all of your policy information

First thing’s first, and that’s figuring out where the heck all your policy documentation has ended up… Knowing where to find your policy, your agent’s contact information and your carrier’s claims information is important if something were to happen and you needed to file a claim.

Having to file a claim usually means something somewhat catastrophic has gone down. You don’t want to be scrambling to find the insurance information you need while your frozen pipes are spewing water into your home or you’ve just been rear-ended. Keep your insurance information organized and easily accessible, just in case.

Review your policies

Once you have them all organized, take a read through of your policies to reacquaint yourself with your limits, coverages, endorsements and exclusions. Once you know what coverage you have, you can assess whether that coverage is still relevant to your life nowadays.

Check on your deductibles

Upping your deductible can be a great way to save on your premium, but it does require you to have some cash on hand should something happen and you need to file claim. This year you may be able to afford a higher deductible or maybe this year you don’t want a deductible to eat into your savings. Take a look at your deductibles and talk with an agent to find ones that will work for you.

Audit by Product

What to look at when reviewing your policies varies by product. Here are some handy tips for your personal lines insurance policies:

Auto Insurance

Has your use of your car changed in the last year?

Get a job with a shorter commute last year or have you switched to commuting by bike? Started traveling further for your son’s soccer games? These changes could impact your auto insurance.

Changes in your life and driving habits could have an effect on the annual mileage you put on your car. Drastic changes are ones you’ll want to discuss with your insurance agent. Limiting use of your car could potentially mean insurance savings, while driving longer distances could mean you face more risks out on the road and should adjust your coverages and limits accordingly.

Consider any new risks

Did you move this year? That’s one reason to reevaluate which types of coverage you carry. Living in a state with four distinct seasons may be reason to consider more auto insurance coverage, since the weather can make driving more dangerous.

Perhaps you started parking your car on the street instead of a personal garage, or vice versa. In that case you may want to consider speaking with your insurance agent about adding comprehensive and collision coverage.

New risks can be varied, so if you’re not sure about something, give your agent a call to discuss whether your life changes can up or lower your risk. The best coverage is the coverage that is right for your situation and an insurance agent can help you determine what that looks like.

Family changes

New drivers, kids leaving home, a family member moving in, marriage, divorce - all of these family changes can affect your auto insurance policy. Don’t forget to tell your agent about any changes like this and work with him to update your policy. Forgetting to add someone to your policy could render your coverage null and void if you need to file a claim and the insurance company finds out.

Discounts

Everyone loves saving money! With life changes comes the possibility of qualifying for new insurance discounts. Here’s a list of common auto insurance discounts, but your carrier could offer even more. Speak with your agent to see if there’s any chance you could save more in 2018.

Home / Renters / Condo

Inventory

Having an up-to-date inventory is essential in ensuring you have the appropriate limits set for your contents coverage. Especially after the holidays, you may have added some big ticket items over the course of 2017 that may not be reflected on your policy.

There are many helpful resources out there to help you create a home inventory. A home inventory app is a great place to get started.

Renovations / Updates

Adding to, updating, or renovating your home can have insurance implications. Making major changes to your home can change the amount you would need to rebuild if you were to face a total loss.

Review any major changes or updates you’ve made with your insurance to see if you need to adjust your dwelling coverage.

Discounts

That new home heating system or security system can lower your rates. So can bundling your insurance with your car insurance. Check with your insurance agent to see if there are any homeowners insurance discounts you might qualify for to save on your policy.

Bottom Line

Your insurance policies are only as good as they coverage they offer and keeping that coverage up-to-date is essential in having the right limits. An annual review will help you determine whether your coverage is sufficient for your life and going forward.

 

Need help with your insurance review? Call one of our expert insurance advisors today at (844) 824-2887 to review your policies with a licensed professional who can help you save.

Not by the phone? Schedule an appointment or request a quote online: