5 Reasons to Review Your Insurance Policy Every Year

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Why your Insurance Policy Needs an Annual Checkup


Moreover, the savings and discounts you may be missing, are worth the review. The best practice to make sure you have the insurance coverage you need is to review your policies at least once a year. All different types of insurance policies should be looked at including car, home, life, etc. Let’s look at the top 5 reasons why you need to review your policy, and you’ll see why it is so important.

1. You Have Changes in Life

Think about all of the changes that could happen in your life over the course of a year. Perhaps you had a child, got married, or maybe you are driving an older vehicle now. These types of changes need reevaluating of your policy. Such changes may affect the type and amount of insurance you want to have, as well as the price that goes with it. For example, as you age, insurance premiums tend to get a bit cheaper, as long as you do not have accidents. It is worth double checking your insurance company discounts to see if your age would make a difference on your rates.

What if you installed an alarm system in your home? Some insurance companies offer discounts for homeowner’s who have alarm systems. You may be able to get some discounts there too.

2.    You Can Look for Mistakes

Can you remember the day you got your insurance coverage? There is a good chance you could have been in a rush when you chose your coverage. This is a good opportunity to sit down and evaluate your current policy. While it doesn’t happen often, there’s the possibility that there is an error on one of your insurance policies. There could be an incorrect date or a misspelled name. Maybe you have additional insurance that is no longer necessary. Any of these little mistakes could be costing you more. When you are reevaluating your policy, go over it with a fine-tooth comb and weed out any errors.

3.    Find Better Rates

Many people simply pay their insurance each month and forget about it. They never stop to think that they might be able to get better rates through another company. It’s a good idea to compare insurance quotes between companies at least once a year, so you can see where you will be getting the best deal. Doing this has the potential to help you save hundreds of dollars during the year.

4.    You Need More Coverage

Perhaps you find that you need to have more coverage for certain items that you currently own. Maybe you want to increase the coverage on your vehicles, or you want to add heirlooms and other items to your homeowner’s insurance policy. It’s better to have the proper coverage to protect your assets, especially when these items are expensive than to lose them in a burglary without having coverage for them.

5.    Consider the Bundling Opportunities

Talk with your insurance agent about bundling options on the assets you acquire during the year. Many times, it will be cheaper to bundle several different types of insurance, such as home and auto, into a single policy. You will still be able to receive the same high-quality coverage. However, you will be paying less overall for that coverage. A number of insurance companies offer this option, and it is well worth considering.

If you haven’t taken the time to review your policy in a couple of years, you are long overdue. Take some time to pull them out of the drawer, or to look them up online to see just what they entail and what is truly covered. You might be surprised at how out-of-date everything may be. It is better to review your policies and make the necessary changes today than to put it off and be out of luck tomorrow!

An insurance specialist from Avante will also be able to assist you in reviewing your policy. You may call us or fill out our form and we will contact you at your convenience.