Can you save a good deal of money by reviewing your home, auto, and health insurance policies annually to ensure you are not being overcharged and have the right coverage. Many people fail to understand that insurance is not the kind of thing that you can just get and assume it will work forever. Previous coverage may not cut it now with your new possessions and responsibilities. As your life changes so should your insurance policies. When you conduct an annual insurance check, you should report any major changes like marriage or divorce, the purchase of new vehicles or paying off existing ones, etc. You can also report updates to your home entertainment and security system and even updating your car’s audio system.
Why an Annual Analysis of Your Policy Is So Important
There are several advantages to thoroughly reviewing your insurance policy each year. You want to be sure that your policy is current and that you are protected and prepared for anything that life might throw your way. During your evaluation, your agent will look over your life and auto insurance policy to make sure that all of your needs are being met. You may be shocked to find that you don’t have as much coverage as you thought you did. Maybe there is a deal on your policy that really is not a deal for you? Or that you can add more coverage without paying more? Your agent is able to break down your policy so that you can better understand the coverage you have and make the necessary adjustments. Even insured folks can face severe consequences should they be in an auto accident. This alone is enough reason to analyze your policy routinely. If you have supplementary coverage– coverage that is supposed to protect you should an uninsured motorist hit you. This can only equate to a few dollars per year so you must verify your policy coverage periodically. If your insurance policy premium is $100,000 or $300,000, you should be aware that if you get into an accident that is your fault. If this does involve others that fail to have coverage , their insurance may have to pay you. Understanding and reviewing your policy will help you ensure you are getting a good rate and a great policy. The following are some major items you should access annually…
- Changes In Your Life – You want to be sure that your agent is aware of any life changes and the details that surround them. Many things can happen over the course of a year. Did you update your home? Get a new car? Have a baby? Refinance? These are changes that should be accounted for in your policy. You don’t want to miss anything.
- Changes to Your Policy – At the end of the year, you are able to assess for alterations to your policy. Look closely for changes in prices, particularly an increase. Typically the increase in price can be validated and explained by your insurance provider, however they can also lead to errors. Pay attention and investigate adjustments so that you do not end up overpaying. Keeping an eye on your policy changes will help you avoid paying too much.
- Are Applicable Discounts Being Used – Review your policy to double check our life, you that all of the promotions and discounts you qualified for have been applied. With changes in may be able to apply for deals that you were never able to in the past. When you complete your analysis be sure that all of your new discounts were added to your policy. This will help you save quite a bit of money on your insurance over the next year. Some of these promotions are the reason we suggest conducting your analysis at the end of the year.
Questions to Ask During Your Annual Review
- Has my marital status changed?
- Have I purchased new properties?
- Do I have an umbrella insurance policy? If not, should I?
- Am I currently operating a home-based business?
- Did I obtain any new furniture, jewelry, electronics or other items of value?
- Do we have a new child?
- Are there new drivers in the house?
- Are there any new occupants in the house? Do they have an insured vehicle?
These are only a few things that may have changed in your life and should be reviewed when conducting an annual insurance assessment. This is why it is important that you are thorough when passing information along to your agent.
Having Just One Agent Handle All Your Coverage is KEY!
This annual task are made simple when you have just one agent that handles all of your coverage. Be sure to make note of any improvements in the past yearn even if they seem irrelevant, This will allow you to make sense of your existing coverage.
Rollins Insurance represents multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio.
Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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